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<SEC-DOCUMENT>0001157523-04-007716.txt : 20040813
<SEC-HEADER>0001157523-04-007716.hdr.sgml : 20040813
<ACCEPTANCE-DATETIME>20040813090106
ACCESSION NUMBER:		0001157523-04-007716
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS TITLE CO
		CENTRAL INDEX KEY:			0000720858
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				561110199
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		04971909

	BUSINESS ADDRESS:	
		STREET 1:		121 N COLUMBIA ST
		STREET 2:		P O DRAWER 2687
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
		BUSINESS PHONE:		9199682200

	MAIL ADDRESS:	
		STREET 1:		121 NORTH COLUMBIA STREET
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d60373_10-q.htm
<DESCRIPTION>INVESTORS TITLE 10-Q
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>

<DIV STYLE='WIDTH:600'>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=4>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=1>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D.C. 20549</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>FORM
10-Q</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>|X|</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>QUARTERLY REPORT PURSUANT TO
  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the Quarterly Period Ended June 30, 2004</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">OR</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>|_|</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>TRANSITION REPORT PURSUANT TO
  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the transition period from _____________________ to</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commission File
Number:&#160; 0-11774</FONT></P>
<P ALIGN=CENTER><FONT SIZE=4 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS TITLE COMPANY</B></FONT><BR>
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(Exact name of registrant
as specified in its charter)</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><u>North Carolina</u></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><u>56-1110199</u></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(State
  of Incorporation)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(I.R.S.
  Employer Identification No.)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><u>121 North Columbia
  Street, Chapel Hill, North Carolina 27514</u>
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(Address of Principal Executive Offices)&#160; (Zip Code)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><u>(919)
  968-2200</u></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(Registrant&#146;s
  Telephone Number Including Area Code)</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days.&#160;&#160; Yes&#160;&#160; |X|&#160;&#160;&#160;&#160;
No <I>&#160;&#160;&#160;&#160;</I></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act). Yes |_|&#160;&#160;&#160;&#160; No |X|</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June 30, 2004, there were 2,855,744 outstanding shares of common stock of
Investors Title Company, including 354,380 shares held by Investors Title
Insurance Company, a wholly owned subsidiary of Investors Title Company.</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS
TITLE COMPANY<BR>
AND SUBSIDIARIES</B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>INDEX</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>PART I.</B></FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><A HREF="#A1">FINANCIAL INFORMATION</A></B></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 1.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A2">Financial Statements:</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A3">Consolidated Balance Sheets as of June
  30, 2004 and December 31, 2003</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A4">Consolidated Statements of Income<BR>For
  the Three and Six Months Ended June 30, 2004 and 2003</A></FONT></DIV></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A5">Consolidated Statements of
  Stockholders&#146; Equity&#160;<BR>For the Six
  Months Ended June 30, 2004 and 2003</A></FONT></DIV></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A6">Consolidated Statements of Cash Flows
  <BR>For the Six Months Ended June 30, 2004 and 2003</A></FONT></DIV></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A7">Notes to Consolidated Financial
  Statements</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 2.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A8">Management&#146;s Discussion and Analysis
  of Financial Condition and Results of Operations</A></FONT></DIV></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 3.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A9">Quantitative and Qualitative
  Disclosures About Market Risk</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 4.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A10">Controls and Procedures</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>PART II.</B></FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><A HREF="#A11">OTHER INFORMATION</A></B></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 2.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A12">Changes in Securities, Use of
  Proceeds &amp; Issuer Purchases of Equity Securities</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">18</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 4.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A13">Submission of Matters to a Vote of
  Security Holders</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">19</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Item 6.</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><A HREF="#A14">Exhibits and Reports on Form 8-K</A></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><A HREF="#A15">SIGNATURE</A></B></FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">21</FONT></P></TD>
 </TR>
</TABLE>
<BR>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><A NAME=A1></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>PART
I.&nbsp;&nbsp;FINANCIAL INFORMATION</B></FONT></P>
<P><A NAME=A2></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item
1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements</U></B></FONT></P>

<P ALIGN=CENTER><A NAME=A3></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Investors
Title Company and Subsidiaries<BR>
Consolidated Balance Sheets<BR></B><B><I>As
of June 30, 2004 and December 31, 2003</I></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="14%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>June 30, 2004</B></FONT></P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="14%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">December&nbsp;31,&nbsp;2003</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="14%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(Unaudited)</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="14%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">(Audited)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Assets</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Cash and cash
  equivalents</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,013,645</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,125,356 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investments in
  securities:</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="56%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Fixed maturities:</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="7%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="54%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Held-to-maturity,
  at amortized cost</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>3,341,240</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,526,030 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="7%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Available-for-sale,
  at fair value</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>71,188,047</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">60,803,807 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="56%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Equity
  securities, at fair value</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>6,628,712</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14,556,785 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="56%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Other investments</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,280,494</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">955,561 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="7%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="54%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total investments</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>82,438,493</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">79,842,183 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Premiums
  receivable, less allowance for doubtful accounts of $2,360,000 and $2,474,000
  for 2004 and 2003, respectively</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,995,639</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8,031,803 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Accrued interest
  and dividends</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>679,458</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">667,147 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Prepaid expenses
  and other assets</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,488,550</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">934,345 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Property acquired
  in settlement of claims</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>286,517</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">286,517 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Property, net</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,143,845</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,099,243 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Deferred income
  taxes, net</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,172,598</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,485,217 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Total
  Assets</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>103,218,745</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">100,471,811 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Liabilities
  and Stockholders&#146; Equity</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Liabilities:</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Reserves for
  claims (Note 2)</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>30,476,000</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">30,031,000 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Accounts payable
  and accrued liabilities</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,653,737</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,782,470 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commissions and reinsurance payables</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>489,598</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">726,191 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Premium taxes
  payable</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&#151;</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">461,436 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Current income
  taxes payable</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>356,278</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">281,968 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="56%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total liabilities</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>35,975,613</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">37,283,065 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Commitments
  and Contingencies (Note 6)</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Stockholders&#146;
  Equity:</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Class A Junior
  Participating preferred stock (shares authorized 100,000; no shares issued)</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&#151;</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&#151;</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Common stock-no
  par value (shares authorized 10,000,000; 2,501,364 and 2,503,923 shares
  issued and outstanding 2004 and 2003, respectively, excluding 354,380 and
  351,821 shares 2004 and 2003, respectively, of common stock held by the
  Company&#146;s subsidiary)</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Retained earnings</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>64,435,785</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">59,756,927 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="59%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Accumulated other
  comprehensive income, net of deferred taxes of $1,447,096 and $1,768,477 for
  2004 and 2003, respectively (Note 3)</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,807,346</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,431,818 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="56%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total
  stockholders&#146; equity</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>67,243,132</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">63,188,746 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Total
  Liabilities and Stockholders&#146; Equity</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>103,218,745</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">100,471,811 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="61%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=14></TD>
  <TD WIDTH=15></TD>
  <TD WIDTH=17></TD>
  <TD WIDTH=324></TD>
  <TD WIDTH=16></TD>
  <TD WIDTH=11></TD>
  <TD WIDTH=69></TD>
  <TD WIDTH=28></TD>
  <TD WIDTH=8></TD>
  <TD WIDTH=81></TD>
  <TD WIDTH=18></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>See
notes to consolidated financial statements.</I></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><A NAME=A4></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Investors
Title Company and Subsidiaries</B></FONT><BR>
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Consolidated Statements of Income</B></FONT><BR>
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><I>For the Three and Six Months Ended June 30,
2004 and 2003</I></B></FONT><BR>
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><I>(Unaudited)</I></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For The Three<BR>
  Months Ended<BR>
  June 30</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For The Six<BR>
  Months Ended<BR>
  June 30</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Revenues:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Underwriting
  income:</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Premiums written</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$&nbsp;</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,743,434</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">23,415,757</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$&nbsp;</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>36,794,716</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">43,180,931 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Less - premiums for reinsurance ceded</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>93,782</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">93,128</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>163,308</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">190,317 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="9%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net premiums
  written</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,649,652</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">23,322,629</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>36,631,408</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">42,990,614 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investment income
  - interest and dividends</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>691,996</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">679,857</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,365,322</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,354,435 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net realized gain on sales of investments</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>16,956</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">41,867</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>20,387</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">64,914 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Exchange services
  revenue (Note 5)</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>542,304</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">389,812</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,022,198</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">490,901 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Other</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>580,579</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">745,478</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,058,741</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,307,222 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="9%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>21,481,487</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">25,179,643</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>40,098,056</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">46,208,086 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Operating
  Expenses:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commissions to
  agents</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,913,200</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11,462,988</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>14,911,795</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20,855,778 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Provision for
  claims (Note 2)</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,185,024</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,687,693</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,029,403</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,770,731 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Salaries,
  employee benefits and payroll taxes (Note 6)</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,328,260</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,708,942</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>8,176,165</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,255,999 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Office occupancy and operations</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,322,957</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,365,677</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,533,255</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,462,793 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Business
  development</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>523,523</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">402,204</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>876,937</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">783,156 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Taxes, other than
  payroll and income</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>97,940</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">121,159</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>299,054</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">175,282 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Premium and
  retaliatory taxes</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>389,391</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">462,819</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>722,395</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">884,105 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Professional fees</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>408,871</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">250,795</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>819,546</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">458,139 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Other</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,133</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">147,914</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>36,507</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">199,845 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="9%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>17,174,299</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20,610,191</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>32,405,057</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">37,845,828 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Income
  Before Income Taxes</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,307,188</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,569,452</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,692,999</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8,362,258 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Provision
  For Income Taxes</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,426,793</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,482,000</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,591,000</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,666,245 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Net
  Income</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,880,395</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,087,452</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,101,999</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,696,013 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Basic
  Earnings Per Common Share (Note&nbsp;4)</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.15</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.24</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2.04</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.27 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Weighted
  Average Shares Outstanding - Basic (Note&nbsp;4)</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,502,807</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,494,036</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,504,088</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,503,773 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Diluted
  Earnings Per Common Share (Note&nbsp;4)</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.10</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.18</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.94</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.18 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Weighted
  Average Shares Outstanding - Diluted (Note 4)</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,618,477</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,619,743</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,628,431</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,616,098 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Dividends
  Paid</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>113,988</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">74,708</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>189,175</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">150,179 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Dividends
  Per Share</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>0.04</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">0.03</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>0.07</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">0.06 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="39%" COLSPAN="4" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=15></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=21></TD>
  <TD WIDTH=185></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=60></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=60></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=60></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=66></TD>
  <TD WIDTH=15></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>See notes to consolidated financial
statements.</I></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><A NAME=A5></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Investors Title Company and Subsidiaries<BR>
Consolidated Statements of Stockholders&#146; Equity<BR>
<I>For the Six Months Ended June 30, 2004 and
2003<BR>
(Unaudited)</I></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>

  <TD WIDTH="24%">

  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="21%" COLSPAN="7" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Common Stock</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Accumulated<BR>
  Other&nbsp;Comprehensive<BR>
  Income&nbsp;(Net</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Total</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH="24%">

  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="21%" COLSPAN="7" HEIGHT=13 VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Retained</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Unrealized&nbsp;Gain&nbsp;(Loss)</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Stockholders&#146;</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH="24%">

  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Amount</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Earnings</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>on&nbsp;Investments)</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Equity</B></FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH="24%">

  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>

 <TR>
 <TD WIDTH="24%">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" COLSPAN="4" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" HEIGHT=13 VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>

 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Balance, December 31, 2002</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,515,804</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">49,613,044</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,055,139</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">52,668,184 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net income</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,696,013 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,696,013</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Dividends ($.06 per share)</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(150,179</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(150,179</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Shares of common stock repurchased</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(36,128</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(834,170</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(834,170</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Compensation expense related to stock options</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,443</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">31,009</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">31,009 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Stock options exercised</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17,820</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">272,246</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">272,246 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net unrealized gain (loss) on investments</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">570,099</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">570,099 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Balance, June 30, 2003</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,498,939</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">54,627,963</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,625,238</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">58,253,202 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Balance, December 31, 2003</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,503,923</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">59,756,927</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,431,818</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">63,188,746 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net income</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,101,999</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,101,999 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Dividends ($.07 per share)</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(189,175</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(189,175</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Shares of common stock repurchased</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(13,579</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(414,768</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(414,768</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Compensation expense related to stock options</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">525</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17,292</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17,292 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Stock options exercised</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10,495</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">163,510</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">163,510 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net unrealized gain (loss) on investments</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(624,472</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(624,472</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Balance, June
  30, 2004</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,501,364</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>64,435,785</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,807,346</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>67,243,132 </B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>See notes to consolidated financial statements.</I></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><A NAME=A6></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Investors Title Company and
Subsidiaries<BR>
Consolidated Statements of Cash Flows<BR>
<I>For the Six Months Ended June 30, 2004 and
2003<BR>
(Unaudited)</I></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2003 </B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Operating
  Activities:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net income</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,101,999</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,696,013 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Adjustments to reconcile net income
  to net cash provided by operating activities:</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Depreciation</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>450,825</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">399,390 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amortization, net</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,625</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12,888 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Issuance of common stock in payment
  of bonuses and fees</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>17,292</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">31,009 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Provision (benefit) for losses on
  premiums receivable</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(114,000</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">675,000 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net gain on disposals of property</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(5,011</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(4,922</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net realized gain on sales of
  investments</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(20,387</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(64,914</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Provision (benefit) for deferred
  income taxes</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>634,000</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(34,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Changes in assets and liabilities:</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Increase in receivables and other
  assets</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(416,352</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(2,352,604</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Decrease in accounts payable and
  accrued liabilities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(1,128,733</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(1,557,688</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Decrease in commissions and
  reinsurance payables</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(236,593</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(10,293</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Decrease in premium taxes payable</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(461,436</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(34,549</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Increase (decrease) in current
  income taxes payable</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>74,310</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(78,622</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Provision for claims</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,029,403</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,770,731 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="61%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payments of claims, net of
  recoveries</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(3,584,403</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(2,878,731</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;Net cash provided by operating
  activities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,360,539</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,568,708 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Investing
  Activities:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Purchases of available-for-sale
  securities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(31,730,117</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(3,452,544</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Purchases of held-to-maturity
  securities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(3,897</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(4,246</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Purchases of other securities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(324,933</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(563,280</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Proceeds from sales of
  available-for-sale securities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>28,324,938</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6,064,365 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Proceeds from sales of
  held-to-maturity securities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>192,608</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">592,000 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Proceeds from sales of other
  securities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&#151;</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">25,967 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Purchases of property</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(522,582</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(483,508</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Proceeds from sales of property</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>32,166</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9,235 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;Net cash provided by (used in)
  investing activities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(4,031,817</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,187,989 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Financing
  Activities:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Repurchases of common stock</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(414,768</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(834,170</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Exercise of options</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>163,510</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">272,246 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Dividends paid</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(189,175</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(150,179</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;Net cash used in financing
  activities</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(440,433</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(712,103</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Net
  Increase (Decrease) in Cash and Cash Equivalents</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(111,711</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6,044,594 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Cash
  and Cash Equivalents, Beginning of Year</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,125,356</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,781,961 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Cash
  and Cash Equivalents, End of Period</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,013,645</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9,826,555 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Supplemental
  Disclosures:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Cash Paid
  During the Year for:</B></FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="64%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Income Taxes, net of refunds</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,891,000</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,796,000 </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="68%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=20></TD>
  <TD WIDTH=20></TD>
  <TD WIDTH=368></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=66></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=66></TD>
  <TD WIDTH=12></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>See
notes to consolidated financial statements.</I></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><A NAME=A7></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS
TITLE COMPANY<BR>
AND SUBSIDIARIES</B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Notes to
Consolidated Financial Statements<BR></U></B>June 30, 2004<BR>
(Unaudited)</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Note 1 - Basis of
Presentation</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
should be made to the &#147;Notes to Consolidated Financial Statements&#148; of Investors
Title Company&#146;s (the &#147;Company&#148;) Annual Report to Shareholders for the year
ended December 31, 2003 for a complete description of the Company&#146;s significant
accounting policies. There were no changes in the significant accounting
policies during the six months ended June 30, 2004.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principles
of Consolidation &#150; </I>The unaudited consolidated financial
statements include the accounts and operations of Investors Title Company and
its subsidiaries (Investors Title Insurance Company, Northeast Investors Title
Insurance Company, Investors Title Exchange Corporation, Investors Title
Accommodation Corporation, Investors Title Management Services, Inc., Investors
Title Commercial Agency, LLC, Investors Capital Management Company, and
Investors Trust Company), and have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X.&#160; Accordingly, certain information and
footnote disclosures normally included in annual financial statements have been
condensed or omitted.&#160; All intercompany
balances and transactions have been eliminated in consolidation.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the opinion of management, all necessary adjustments have been reflected for a
fair presentation of the financial position, results of operations and cash
flows in the accompanying unaudited consolidated financial statements.&#160; All such adjustments are of a normal
recurring nature.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
of Estimates and Assumptions &#150; </I>The preparation of financial
statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.&#160; Actual results could differ from those
estimates.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings
Per Share - </I>Basic net income per share information is
computed using the weighted average number of shares of common stock
outstanding during the period.&#160; Diluted
net income per common share is computed using the weighted average number of
shares of common and dilutive potential common shares outstanding during the
period.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-Based
Compensation -</I> The Company accounts for stock-based compensation
based on the provisions of Accounting Principles Board Opinion No. 25, <I>Accounting
for Stock Issued to Employees</I>, which states that, for fixed plans,
no compensation expense is recorded for stock options or other stock-based
awards to employees that are granted with an exercise price equal to or above
the estimated fair value per share of the Company&#146;s common stock on the grant
date.&#160; In the event that stock options
are granted with an exercise price below the estimated fair value of the
Company&#146;s common stock at the grant date, the difference between the fair value
of the Company&#146;s common stock and the exercise price of the stock option is
recorded as deferred compensation.&#160;
Deferred compensation is amortized to compensation expense over the
vesting period of the stock option.&#160; The
Company has adopted the disclosure requirements of Statement of Financial
Accounting Standards No. 123, <I>Accounting for Stock-Based Compensation</I>
(&#147;SFAS No. 123&#148;), and Statement of Financial Accounting Standards No. 148, <I>Accounting
for Stock-Based Compensation &#150; Transition and Disclosure &#150; an Amendment to FASB
Statement No. 123, </I>which together require compensation expense to be
disclosed based on the fair value of the options granted at the date of the
grant.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Had
compensation cost for the Company&#146;s stock option plan been determined based on
the fair value at the grant dates for awards under the plan consistent with the
method required by SFAS No. 123, the Company&#146;s net income and diluted net
income per common share would have been the pro forma amounts indicated in the
following table:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the Three Months Ended<BR>
  June 30,</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the Six Months Ended<BR>
  June 30,</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net income as reported</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,880,395</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,087,452</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,101,999</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,696,013
  </FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Less:&#160; Total stock-based employee compensation
  expense determined under fair value-based method for all awards, net of
  related tax effects</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(37,905</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(32,534</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(75,520</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(70,447</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Pro forma net income</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,842,490</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,054,918</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>5,026,479</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5,625,566
  </FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net income per share:</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Basic &#150; as reported</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.15</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.24</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2.04</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.27
  </FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Basic &#150; pro forma</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.14</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.22</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2.01</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.25
  </FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Diluted &#150; as reported</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.10</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.18</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.94</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.18
  </FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Diluted &#150; pro forma</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.09</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.17</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1.91</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.15
  </FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent
Accounting Pronouncements - FIN 46: </I>In January 2003, the FASB
issued Interpretation No. 46, <I>Consolidation of Variable Interest Entities </I>(&#147;FIN
46&#148;).&#160;&#160;FIN 46 amended Accounting
Research Bulletin 51, <I>Consolidated Financial Statements, </I>and
established standards for determining circumstances under which a variable
interest entity (&#147;VIE&#148;) should be consolidated by its primary beneficiary.&#160; FIN 46 also requires disclosures about VIEs
that the Company is not required to consolidate but in which it has a
significant variable interest.&#160; In
December 2003, the FASB issued FIN 46-R, which not only included amendments to
FIN 46, but also required application of the interpretation to all affected
entities no later than March 31, 2004 for calendar-year reporting
companies.&#160; Prior to FIN 46-R, however,
companies were required to apply the interpretation to special-purpose entities
by December 31, 2003.&#160; The adoption of
FIN 46-R as it relates to special-purpose entities did not have any effect on
the Company&#146;s results of operations, financial position or liquidity.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>SFAS
150</I>: In May 2003, the FASB issued SFAS No. 150, <I>Accounting
for Certain Financial Instruments with Characteristics of Both Liabilities and
Equity</I>.&#160; SFAS No. 150
establishes standards for how an issuer classifies and measures certain
financial instruments with characteristics of both liabilities and equity.&#160; Many of these instruments were previously
classified as equity.&#160; SFAS No. 150
requires that an issuer classify a financial instrument that is within its
scope as a liability, or as an asset in some circumstances.&#160; This Statement applies to three types of
freestanding financial instruments, other than outstanding shares.&#160; One type is mandatorily redeemable shares,
which the issuer is obligated to buy back in exchange for cash or assets; a
second type includes put options and forward purchase contracts that require or
may require the issuer to buy back some of its shares in exchange for cash or
other assets; the third type is obligations that can be settled with shares,
the monetary value of which is fixed, tied solely or predominantly to a
variable such as a market index, or varies inversely with the value of the
issuer&#146;s shares.&#160; SFAS No. 150 does not
apply to features embedded in a financial instrument that is not a derivative
in its entirety.&#160; SFAS No. 150 is
effective for financial instruments entered into or modified after May 31,
2003, and otherwise is effective at the beginning of the first interim period
beginning after June 15, 2003.&#160; The
adoption of this Statement did not have a material impact on the Company&#146;s
financial statements.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Note 2 - Reserves for
Claims</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
in the reserves for claims for the six months ended June 30, 2004 and the year
ended December 31, 2003 were as follows:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>June 30,
  2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">December
  31, 2003</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Balance, beginning of year</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>30,031,000</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">25,630,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Provision, charged to operations</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,029,403</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9,292,739</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payments of claims, net of recoveries</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(3,584,403</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(4,891,739</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Ending balance</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>30,476,000</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">30,031,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="57%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total reserve for all reported and unreported losses the Company incurred
through June 30, 2004 is represented by the reserve for claims. The Company&#146;s
reserves for unpaid losses and loss adjustment expenses are established using
estimated amounts required to settle claims for which notice has been received
(reported) and the amount estimated to be required to satisfy incurred claims
of policyholders which may be reported in the future. Despite the variability
of such estimates, management believes that the reserves are adequate to cover
claim losses which might result from pending and future claims. The Company
continually reviews and adjusts its reserve estimates to reflect its loss
experience and any new information that becomes available.&#160; Adjustments resulting from such reviews may
be significant.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims
and losses paid are charged to the reserves for claims. Although claims losses
are typically paid in cash, occasionally claims are settled by purchasing the
interest of the insured or the claimant in the real property. When this event
occurs, the Company carries assets at the lower of cost or estimated realizable
value, net of any indebtedness on the property.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Note 3 - Comprehensive
Income</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive
income for the three months ended June 30, 2004 and 2003 was $2,177,908 and
$3,679,441, respectively.&#160; Comprehensive
income for the six months ended June 30, 2004 and 2003 was $4,477,527 and
$6,266,112, respectively.&#160; Other
comprehensive income is comprised solely of unrealized gains or losses on the
Company&#146;s available-for-sale securities. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Note 4 &#150; Earnings Per
Common Share</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
stock options are considered outstanding for the diluted earnings per common
share calculation and are computed using the treasury stock method.&#160; The total increase in the weighted average
shares outstanding related to these equivalent shares was 115,670 and 125,707
for the three months ended June 30, 2004 and 2003, respectively, and 124,343
and 112,325 for the six months ended June 30, 2004 and 2003, respectively.&#160; Options to purchase 252,996 and 282,246
shares of common stock were outstanding as of June 30, 2004 and 2003,
respectively.&#160; Of the total options
outstanding, 1,200 and 28,100 options were not included in the computation of
diluted earnings per share for the three months ended June 30, 2004 and 2003,
respectively; and &#150;0- and 39,840 options were not included in the computation
of diluted earnings per share for the six months ended June 30, 2004 and 2003,
respectively, because the options&#146; exercise prices were greater than the
average market price of the common shares.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Note 5 &#150; Segment
Information</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent
with SFAS No. 131, the Company has aggregated its operating segments into two
reportable segments:&#160; 1) title insurance
services; and 2) tax-free exchange services.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Three Months<BR>
  Ended</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Operating<BR>
  Revenues</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Operating<BR>
  Expenses</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Income&nbsp;(Loss)<BR>
  Before<BR>
  Income&nbsp;Taxes</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Assets</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>June 30, 2004</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Title
  Insurance</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,871,814</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>16,478,417</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>3,941,432</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>90,493,978 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Exchange
  Services</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>542,304</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>153,644</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>390,595</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,063,816 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>All Other</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>358,417</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>542,238</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(24,839</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>11,660,951 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>20,772,535</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>17,174,299</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>4,307,188</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>103,218,745 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;</FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>


 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">June 30, 2003</FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Title Insurance</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">23,846,555</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20,180,270</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,225,350</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">82,525,967
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Exchange Services</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">389,812</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">113,220</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">277,381</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">408,640
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">All Other</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">221,552</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">316,701</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">66,721</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,498,405
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">24,457,919</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20,610,191</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,569,452</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">90,433,012
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Six Months<BR>
  Ended</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Operating<BR>
  Revenues</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Operating<BR>
  Expenses</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Income&nbsp;(Loss)<BR>
  Before<BR>
  Income&nbsp;Taxes</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Assets</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>June 30, 2004</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Title
  Insurance</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>37,058,377</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>31,004,760</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,124,998</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>90,493,978 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Exchange
  Services</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,022,198</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>299,122</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>726,213</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,063,816 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>All Other</B></FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>631,772</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,101,175</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(158,212</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>11,660,951 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>38,712,347</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>32,405,057</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,692,999</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>103,218,745 </B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">June 30, 2003</FONT></DIV>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Title Insurance</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">43,838,001</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">36,999,372</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,959,007</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">82,525,967
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Exchange Services</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">490,901</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">249,782</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">242,501</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">408,640
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">All Other</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">459,835</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">596,674</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">160,750</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,498,405
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">44,788,737</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">37,845,828</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8,362,258</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">90,433,012
  </FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
revenues represent net premiums written and other revenues, excluding
investment income and net realized gain on sales of investments.&#160; Below is a schedule reconciling operating
revenues to total revenues:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For the
  Three<BR>
  Months Ended<BR>
  June 30, 2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the
  Three<BR>
  Months Ended<BR>
  June 30, 2003</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For the
  Six<BR>
  Months<BR>Ended<BR>
  June 30, 2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the
  Six<BR>
  Months<BR>Ended<BR>
  June 30, 2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Operating Revenues</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>20,772,535</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">24,457,919</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>38,712,347</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">44,788,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investment income &#150; interest and dividends</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>691,996</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">679,857</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,365,322</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,354,435</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net realized gain on sales of investments</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>16,956</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">41,867</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>20,387</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">64,914</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total Revenues</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>21,481,487</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">25,179,643</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>40,098,056</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">46,208,086</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=40></TD>
  <TD WIDTH=164></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=72></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=72></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=72></TD>
  <TD WIDTH=18></TD>
  <TD WIDTH=6></TD>
  <TD WIDTH=72></TD>
  <TD WIDTH=12></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Note 6 &#150; Commitments and Contingencies</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its subsidiaries are involved in various legal proceedings that are
incidental to their business.&#160; In the
Company&#146;s opinion, based on the present status of these proceedings, any
potential liability of the Company or its subsidiaries with respect to these
legal proceedings will not, in the aggregate, be material to the Company&#146;s
consolidated financial condition or operations.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November 17, 2003, Investors Title Insurance Company entered into employment
agreements with key executives that provide for the continuation of certain
employee benefits upon retirement.&#160; The
executive employee benefits include health insurance, dental insurance, vision
insurance and life insurance.&#160;&#160; The plan
is unfunded.&#160; The following sets forth
the net periodic benefits cost for the executive benefits for the quarter ended
June 30, 2004:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For the
  Three<BR>
  Months Ended<BR>
  June 30, 2004</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For the
  Six<BR>
  Months Ended<BR>
  June 30, 2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Service cost at beginning of period</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15,909</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,513</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Interest cost</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,875</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,750</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amortization of Unrecognized Prior Service Cost</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8,521</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17,042</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amortization of Unrecognized Gains or Losses</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Net Periodic Benefits Costs</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">28,305</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">28,305</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1>&nbsp;</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="7%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item 2.</B><A NAME=A8></A></FONT></DIV>
  </TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U><B>Management&#146;s Discussion and Analysis of Financial
  Condition and Results of Operations</B></U></FONT></DIV></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s 2003 Form 10-K and 2003 Annual Report to Shareholders should be read
in conjunction with the following discussion since they contain important
information for evaluating the Company&#146;s operating results and financial
condition.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Overview</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Title
Insurance:</I> Investors Title Company (the &#147;Company&#148;) engages primarily
in two segments of business. Its main business activity is the issuance of
title insurance through two subsidiaries, Investors Title Insurance Company
(&#147;ITIC&#148;) and Northeast Investors Title Insurance Company (&#147;NE-ITIC&#148;). Through
ITIC and NE-ITIC, the Company underwrites land title insurance for owners and
mortgagees as a primary insurer and as a reinsurer for other title insurance
companies. ITIC delivers title insurance coverage through a home office, branch
offices, and issuing agents and NE-ITIC delivers title insurance through
issuing agents. Title insurance protects against loss or damage resulting from
defects that affect the title to real property.&#160; The commitment and policies issued are the standard American Land
Title Association approved forms.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are two basic types of title insurance policies - one for the mortgage lender
and one for the real estate owner.&#160; A
lender often requires property owners to purchase title insurance to protect
its position as a holder of a mortgage loan, but the lender&#146;s title insurance
policy does not protect the property owner.&#160;
The property owner has to purchase a separate owner&#146;s title insurance
policy to protect his investment.&#160; When
real property is conveyed from one party to another, occasionally there is a
hidden defect in the title or a mistake in a prior deed, will or mortgage that
may give a third party a legal claim against such property.&#160; If a claim is made against real property,
title insurance provides a corporate guarantee against insured defects, pays
all legal expenses to eliminate any title defects, pays any claims arising from
errors in title examination and recording, and pays any losses arising from
hidden defects in title and defects that are not of record.&#160; Title insurance provides an assurance that
the insurance holder&#146;s ownership and use of such property will be defended
promptly against claims, at no cost, whether or not the claim is valid.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s profitability in the land title insurance industry is affected by a
number of factors, including the cost and availability of mortgage funds, the
level of real estate and mortgage refinance activity, the cost of real estate,
consumer confidence, employment levels, family income levels and general
economic conditions.&#160; Generally, real
estate activity declines as a result of higher interest rates or an economic
downturn, thus leading to a corresponding decline in title insurance premiums
written and the revenues and profitability of the Company.&#160; The cyclical nature of the land title
insurance industry has historically caused fluctuations in revenues and
profitability and it is expected to continue to do so in the future.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volume
is also a key factor in the Company&#146;s profitability because the Company has
certain significant fixed costs such as personnel and occupancy expenses
associated with processing and issuing a title insurance policy.&#160; These costs do not necessarily increase or
decrease depending on the size and type of the policy issued. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2004, premiums have declined principally due to the decline in refinancing
activity, as a result of increased interest rates, which is expected to
continue throughout the year.&#160; Operating
results for the six months ended June 30, 2004, therefore, should not be viewed
as indicative of the Company&#146;s future operating results.&#160; As always, the Company has been monitoring
and carefully managing operating expenses such as salaries, employees&#146; benefits
and certain other operational expenses in light of the expected decline in
title insurance revenues.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company strives to offset the cyclical nature of the real estate market by
increasing its market share.&#160; This
effort includes expanding into new markets primarily by continuing to develop
agency relationships, as well as improving market penetration with existing
offices and agents.&#160; In order to
maintain and improve profits, the Company endeavors to identify opportunities
to refine operating procedures and to implement programs designed to reduce
expenses.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange
Services:</I> The Company&#146;s second segment provides tax-free
exchange services through its subsidiaries, Investors Title Exchange Corporation (&#147;ITEC&#148;) and Investors Title
Accommodation Corporation (&#147;ITAC&#148;). ITEC serves as a qualified
intermediary in &#167;1031 like-kind exchanges of real or personal property. In its
role as qualified intermediary, ITEC coordinates the exchange aspects of the
real estate transaction with the closing agents.&#160; ITEC&#146;s duties include drafting standard exchange documents,
holding the exchange funds between the sale of the old property and the
purchase of the new property, and accepting the formal identification of the
replacement property within the required identification period.&#160; ITAC serves as exchange accommodation
titleholder in reverse exchanges.&#160; As
exchange accommodation titleholder, ITAC offers a vehicle for accommodating a
reverse exchange when the taxpayer must acquire replacement property before
selling the relinquished property.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
Services:</I> Investors Trust Company (&#147;INTC&#148;), wholly owned by the Company, was chartered on February
17, 2004 by the North Carolina Commissioner of Banks.&#160;&#160; INTC will serve clients throughout North Carolina and
neighboring states by providing professional portfolio management services
along with trust services.&#160; Activities
of this company are not currently significant. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Critical Accounting
Policies:</U></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the six months ended June 30, 2004, the Company made no changes in its critical
accounting policies as previously disclosed within the Company&#146;s Annual Report
on Form 10-K for the year ended December 31, 2003.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Results
of Operations:</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the quarter ended June 30, 2004, net premiums written decreased 16% to
$19,649,652, investment income increased 2% to $691,996, total revenues
decreased 15% to $21,481,487 and net income decreased 7% to $2,880,395, all
compared with the same quarter in 2003.&#160;
Both net income per basic and diluted common share decreased 7%, to
$1.15 and $1.10, respectively, as compared with the same quarter ended June 30,
2003.&#160; For the quarter ended June 30,
2004, the title insurance segment&#146;s operating revenues decreased 17% compared
with the second quarter of 2003, while the exchange services segment&#146;s
operating revenues increased 39% for the quarter ended June 30, 2004, compared
with the same quarter in 2003.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the six months ended June 30, 2004, net premiums written decreased 15% to
$36,631,408, investment income increased 1% to $1,365,322, total revenues decreased
13% to $40,098,056 and net income decreased 10% to $5,101,999, all compared
with the same period in 2003.&#160; Net
income per basic and diluted common share decreased 10% and 11%, respectively,
to $2.04 and $1.94 as compared with the same six-month period ended June 30,
2003.&#160; For the six months ended June 30,
2004, the title insurance segment&#146;s operating revenues decreased 15% compared
with the same period in 2003, while the exchange services segment&#146;s operating
revenues increased 108% for the six months ended June 30, 2004 compared with
the same period in 2003.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
revenues:</I> Premiums written declined primarily due to
significantly lower levels of mortgage refinancing compared with the prior year
quarter, which was partially offset by a rate increase in North Carolina.
According to the Freddie Mac Weekly Mortgage Rate Survey, the monthly average
30-year fixed mortgage interest rates increased to an average of 5.87% for the
six months ended June 30, 2004, compared with 5.67% for the six months ended
June 30, 2003.&#160; The volume of business
decreased in the first half of 2004, as the number of policies and commitments
issued for the six months declined to 149,842, a decrease of 30.1% compared
with 214,228 in the same period in 2003.&#160;
</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shown
below is a schedule of premiums written for the three and six months ended June
30, 2004 and 2003 in all states in which the Company&#146;s two insurance
subsidiaries, Investors Title Insurance Company and Northeast Investors Title
Insurance Company, currently underwrite insurance:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For the
  Three Months Ended</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For the
  Six Months Ended</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>State</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Alabama</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>385,354</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">362,456</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>713,670</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">645,527</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Florida</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>299,884</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10,170</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>655,488</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">25,150</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Illinois</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>285,394</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">444,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>549,122</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">756,449</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Kentucky</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>469,178</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">511,292</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>869,208</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">941,646</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Maryland</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>402,188</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">563,848</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>737,048</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">975,414</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Michigan</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,357,627</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,499,942</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2,580,427</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,394,450</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Minnesota</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>271,224</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">486,750</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>517,584</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,093,748</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Mississippi</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>266,542</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">327,540</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>512,817</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">565,025</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Nebraska</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>236,882</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">665,620</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>455,806</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,163,552</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">New York</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,015,832</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,693,109</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,832,172</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,106,336</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">North Carolina</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>8,979,950</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,949,288</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>16,568,586</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14,909,659</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Pennsylvania</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>884,749</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,728,956</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,459,575</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,297,694</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">South Carolina</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,471,548</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,701,820</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>3,245,445</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3,272,382</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Tennessee</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>873,284</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,111,776</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,584,199</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,029,754</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Virginia</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,872,162</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,565,849</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>3,320,600</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,608,819</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">West Virginia</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>488,153</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">593,811</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>863,081</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,034,122</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Other States</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>183,483</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">196,884</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>329,888</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">354,973</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&nbsp;&nbsp;&nbsp;&nbsp;Direct
  Premiums</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,743,434</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">23,413,111</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>36,794,716</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">43,174,700</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Reinsurance Assumed</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&#151;</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,646</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&#151;</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6,231</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Reinsurance Ceded</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(93,782</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(93,128</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>(163,308</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(190,317</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">)</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;<B>Net Premiums</B></FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,649,652</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">23,322,629</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>36,631,408</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">42,990,614 </FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decline in total premiums written was primarily due to lower mortgage refinancing
activity compared with the same period in 2003. Premiums written in
Pennsylvania and Virginia were also impacted by declining business in
individual agencies in those states. Year to date premiums in North Carolina,
the Company&#146;s largest market, were positively impacted by approximately $3.7
million related to the rate increase filed on October 1, 2003 for insured
closing services.&#160; The increase in
Florida is due primarily to the increase in agent business.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">13</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shown
below is a breakdown of branch and agency premiums for the three and six months
ended June 30:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For The
  Three Months Ended</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For The
  Six Months Ended</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Branch</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>8,828,544</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>45</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,996,257</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">34</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>16,287,955</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>44</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14,997,950</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">35</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Agency</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>10,821,108</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>55</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15,326,372</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">66</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>20,343,453</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>56</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">27,992,664</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">65</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>19,649,652</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>100</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">23,322,629</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">100</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>36,631,408</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>100</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">42,990,614</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">100</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
premiums written from branch operations increased 10% for the three months
ended June 30, 2004 as compared with the same period in the prior year due to
the above mentioned North Carolina rate increase.&#160; For the six months ended June 30, 2004 and 2003, net premiums
written from branch operations increased 9%. Of the Company&#146;s 29 branch
locations that underwrite title insurance policies, 27 are located in North
Carolina and, as a result, branch net premiums written primarily represent
North Carolina business.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency
net premiums decreased 29% for the three months ended June 30, 2004 as compared
with the same period in the prior year. For the six months ended June 30, 2004,
agency net premiums decreased 27% as compared with the same prior year period.
The majority of the decrease in agency net premiums written in the second
quarter 2004 can be attributed to the general decline in business due to the
slowdown in refinancing activity. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase in exchange services revenue was due to both an increase in the volume
of transactions, resulting in a revenue increase of approximately $170,000, as
well as an increase in fees. The Company believes that this line of business
will continue to grow, although not necessarily at the same rate.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Operating
Expenses:&#160; </I>Total operating
expenses decreased 17% and 14% for the three and six month periods ended June
30, 2004, respectively, compared with the same periods in 2003.&#160; This was due primarily to a decrease in
commission expense as a result of decreased business from agent sources. A
summary by segment of the Company&#146;s operating expenses is as follows for the
three and six months ended June 30:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For The
  Three Months Ended</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>For The
  Six Months Ended</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="40%" COLSPAN="9" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>2004</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">2003</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Title insurance</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>16,478,417</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>96</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20,180,270</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">98</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>31,004,760</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>96</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">36,999,372</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">98</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Exchange services</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>153,644</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">113,220</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>299,122</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">249,782</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">All other</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>542,238</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>3</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">316,701</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>1,101,175</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>3</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">596,674</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
<TR>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>17,174,299</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>100</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20,610,191</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">100</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>32,405,057</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>100</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">37,845,828</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">100</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions
to agents decreased 31% for the three months ended June 30, 2004 when compared
with the same quarter in 2003. Commissions to agents decreased 29% for the six
months ended June 30, 2004 when compared with the same period in 2003.&#160; This decrease is in proportion to the decline
in agency premiums written.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provision for claims as a percentage of net premiums written was 11.0% for the
six months ended June 30, 2004, versus 11.1% for the same period in 2003.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
salaries, employee benefits and payroll taxes as a percentage of total revenues
were 20% and 16% for the six months ended June 30, 2004 and 2003, respectively.
The increase in these costs was attributed to several factors, including
$333,000 for certain employee benefits associated with key executive employment
agreements entered into in late 2003, personnel costs of approximately $243,000
related to staff hired by the newly formed Investors Trust Company and the
regulated investment advisory, and various staff additions and salary
adjustments made during the first six months of 2004. &#160;The title insurance segment&#146;s total salaries,
employee benefits and payroll taxes accounted for 89% and 93% of the total
consolidated amount for the six months ended June 30, 2004 and 2003,
respectively.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional
fees for the six months ended June 30, 2004 increased primarily due to the
costs associated with compliance with Section 404 of the Sarbanes-Oxley Act of
2002, along with an increase in other professional fees.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for Income Taxes: </I>The provision for income taxes was 33% and
32% of income before income taxes for the three months ended June 30, 2004 and
2003, respectively. For the six months ended June 30, 2004 and 2003, the
provision for income taxes was 34% and 32%, respectively, of income before
income taxes.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Liquidity
and Capital Resources:</U></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flows:</I> Net cash provided by operating activities for the six
months ended June 30, 2004, amounted to $4,360,539 compared with $4,568,708 for
the same six month period of 2003. The decrease is primarily the result of a
decrease in net income, a decrease in provision for claims, and increased net
claim payments, offset by an increase in receivables and other assets.&#160; The principal non-operating use of cash and
cash equivalents for the six months ended June 30, 2004 was additions to the
investment portfolio. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of dividends:</I> The Company&#146;s ability to pay dividends to its
shareholders and operating expenses is dependent on funds received from the
insurance subsidiaries, which are subject to regulation in the states in which
they do business.&#160; These regulations,
among other things, require prior regulatory approval of the payment of
dividends and other intercompany transfers.&#160;
The Company believes, however, that amounts available for transfer from
the insurance subsidiaries are adequate to meet the Company&#146;s operating needs.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity:&#160; </I>Management believes that
funds generated from operations will enable the Company to adequately meet its
cash needs and is unaware of any trend or occurrence that is likely to result
in adverse liquidity changes. In addition to operational liquidity, the Company
maintains a high degree of liquidity within its investment portfolio in the form
of short-term investments and other readily marketable securities.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
Expenditures: </I>During 2004, the Company has plans for various
capital improvement projects, including an upgrade of certain electronic data
processing systems. For the six months ended June 30, 2004, the Company
purchased electronic data processing equipment in excess of&#160; $400,000. Other property additions were
approximately $100,000.&#160; The Company
anticipates additional capital expenditures of approximately $500,000 during
the remainder of 2004 in connection with these capital improvement
projects.&#160;&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Off-Balance
Sheet Arrangements and Contractual Obligations: </I>It is not the
general practice of the Company to enter into off-balance sheet arrangements
nor is it the policy of the Company to issue guarantees to third parties.&#160; Off-balance sheet arrangements are generally
limited to the future payments under noncancelable operating leases, payments
made from claims reserves, payments due under various agreements with third-party
service providers, and obligations pursuant to certain executive employment
agreements. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the Company&#146;s future estimated cash payments under
existing contractual obligations, including payments due by period:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="63%" COLSPAN="14" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payments&nbsp;due&nbsp;by&nbsp;period</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="63%" COLSPAN="14" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Contractual
  Obligations</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Less&nbsp;than&nbsp;1<BR>
  year</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">1 - 3
  years</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">3 - 5
  years</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">More&nbsp;than&nbsp;5<BR>
  years</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Long-term Debt Obligations</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Capital Lease Obligations</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Operating Lease Obligations</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,347,995</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">344,097</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">877,494</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">126,404</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Telecommunications Contractual Obligations</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">410,400</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">116,400</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">294,000</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Other Obligations</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">204,399</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">168,899</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">35,500</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Executive Employment Agreements Obligations</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">785,000</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#151;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">785,000</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,747,794</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">629,396</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,206,994</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">126,404</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">785,000</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total reserve for all reported and unreported losses the Company incurred
through June 30, 2004 is represented by the reserve for claims. Information
regarding the claims reserve can be found in Note 2 to the consolidated
financial statements of this Form 10-Q.&#160;
Further information on contractual obligations related to the reserves
for claims can be found in the Company&#146;s Annual Report on Form 10-K for the
year ended December 31, 2003 as filed with the Securities and Exchange
Commission.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Safe
Harbor Statement</U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Quarterly Report on Form 10-Q, as well as information included in future
filings by the Company with the Securities and Exchange Commission and
information contained in written material, press releases and oral statements
issued by or on behalf of the Company, contains, or may contain,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that reflect management&#146;s current outlook for
future periods.&#160; These statements may be
identified by the use of words such as &#147;plan,&#148; &#147;expect,&#148; &#147;aim,&#148; &#147;believe,&#148;
&#147;project,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;will,&#148; &#147;should,&#148; &#147;could&#148; and
other expressions that indicate future events and trends. All statements that
address expectations or projections about the future, including statements
about the Company&#146;s strategy for growth, product and service development,
market position, claims, expenditures and financial results, are
forward-looking statements. Forward-looking statements are based on certain
assumptions and expectations of future events that are subject to risks and
uncertainties. Actual future results and trends may differ materially from
historical results or those projected in any such forward-looking statements
depending on a variety of factors, including, but not limited to, the
following: (1) the demand for title insurance will vary due to factors such as
the cost and availability of mortgage funds, the level of real estate and
mortgage refinance activity, the cost of real estate, consumer confidence,
employment levels, family income levels and general economic conditions; (2)
losses from claims may be greater than anticipated such that reserves for
possible claims are inadequate; (3) unanticipated adverse changes in securities
markets could result in material losses on the Company&#146;s investments; (4) the
Company&#146;s dependence on key management personnel, the loss of whom could have a
material adverse effect on the Company&#146;s business; (5) the Company&#146;s ability to
develop and offer products and services that meet changing industry standards
in a timely and cost-effective manner; (6) the costs of producing title
evidence are relatively high, whereas premium revenues are subject to
regulatory and competitive restraints; and (7) state statutes require the
Company&#146;s insurance subsidiaries to maintain minimum levels of capital and
surplus and restrict the amount of dividends that the insurance subsidiaries
may pay to the Company without prior regulatory approval. Other risks and
uncertainties may be described from time to time in the Company&#146;s other reports
and filings with the Securities and Exchange Commission.&#160; </FONT></P>
<P><A NAME=A9></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item 3.&#160; <U>Quantitative and Qualitative Disclosures
About Market Risk</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
material changes in the Company&#146;s market risk or market strategy occurred since
December 31, 2003.&#160; A detailed
discussion of market risk is provided in the Company&#146;s 2003 Annual Report on
Form 10-K for the period ended December 31, 2003.</FONT></P>

<P><A NAME=A10></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item 4.&#160; <U>Controls and Procedures</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s disclosure controls and procedures are designed to ensure that
information required to be disclosed by the Company in the reports that it
files or submits under the Securities Exchange Act of 1934 (the &#147;Act&#148;) was
recorded, processed, summarized and reported within the time periods specified
by the Securities and Exchange Commission&#146;s rules and forms.&#160; An evaluation was performed under the
supervision and with the participation of the Company&#146;s management, including
its Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of the Company&#146;s disclosure controls and procedures
pursuant to Rule 13a-15(e) under the Act. Based on that evaluation, the
Company&#146;s Chief Executive Officer and Chief Financial Officer concluded that
the Company&#146;s disclosure controls and procedures were effective as of June 30,
2004.&#160; In reaching this conclusion, the
Company&#146;s Chief Executive Officer and Chief Financial Officer determined that
the Company&#146;s disclosure controls and procedures were effective in ensuring
that such information was accumulated and communicated to the Company&#146;s
management as appropriate to allow timely decisions regarding required
disclosure.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the quarter ended June 30, 2004, there was no change in the Company&#146;s internal
control over financial reporting identified in connection with the
above-referenced evaluation that has materially affected, or is reasonably
likely to materially affect, the Company&#146;s internal control over financial
reporting. </FONT></P>
<P><A NAME=A11></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>PART II.&#160;&#160; OTHER INFORMATION</B></FONT></P>

<P><A NAME=A12></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item
2.&#160; <U>Changes in Securities, Use of
Proceeds and Issuer Purchases of Equity Securities</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></DIV>
  </TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">None</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></DIV></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">None</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></DIV></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">None</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></DIV></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">None</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(e)</FONT></DIV></TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The following table provides information about
  purchases by the Company (and all affiliated purchasers) during the quarter
  ended June 30, 2004 of equity securities that are registered by the Company
  pursuant to Section 12 of the Exchange Act:&#160;
  </FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Issuer
Purchases of Equity Securities</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Period</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Total
  Number of<BR>
  Shares&nbsp;Purchased</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Average&nbsp;Price<BR>
  Paid per Share</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Total
  Number of<BR>
  Shares&nbsp;Purchased&nbsp;as<BR>
  Part of Publicly<BR>
  Announced Plan</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Maximum<BR>
  Number&nbsp;of&nbsp;Shares<BR>
  that&nbsp;May&nbsp;Yet Be<BR>
  Purchased&nbsp;Under<BR>
  the Plan</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Beginning of period</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">401,684</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX">
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">04/01/04 &#150; 04/30/04</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">120</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">31.00</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">120</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">401,564</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX">
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">05/01/04 &#150; 05/31/04</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,591</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">28.02</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7,591</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">393,973</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX">
<FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">06/01/04 &#150; 06/30/04</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">45</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">27.34</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">45</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">393,928</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Total:</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,756</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>$</B></FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>28.06</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>7,756</B></FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>393,928</B></FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 NOSHADE>


  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">18</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(1)</FONT></DIV></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the quarter ended June 30,
  2004, ITIC purchased an aggregate of 7,756 shares of the Company&#146;s common
  stock pursuant to the purchase plan (the &#147;Plan&#148;) that was publicly announced
  on June 5, 2000.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(2)</FONT></DIV></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Board of Directors of ITIC
  approved the purchase by ITIC of up to an aggregate of 500,000 shares of the
  Company&#146;s common stock pursuant to the Plan.&#160;
  Unless terminated earlier by resolution of the Board of Directors of
  ITIC, the Plan will expire when ITIC has purchased all shares authorized for
  purchase thereunder.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(3)</FONT></DIV></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ITIC intends to make further
  purchases under this Plan.</FONT></P></TD>
 </TR>
</TABLE>

<P><A NAME=A13></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item 4.&#160; <U>Submission of Matters to a Vote of
Security Holders</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></DIV></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investors Title Company&#146;s
  Annual Meeting of Shareholders was held on May 19, 2004. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></DIV></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The voting results for the
  proposal to elect three Directors to the Company&#146;s Board of&#160; Directors, each for a three-year term, are
  as follows:&#160; </FONT></P></TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">For</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Against</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Abstentions</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Withheld</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF">Broker<BR>
  Non-votes</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">J. Allen Fine</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,107,814</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">141,248</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">David L. Francis</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,244,608</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4,454</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="34%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A. Scott Parker</FONT></DIV></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2,247,896</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1,166</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">N/A</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="#CCEEFF">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">19</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><A NAME=A14></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Item 6.&#160; <U>Exhibits and Reports on Form 8-K</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></DIV>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Exhibits</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10(x)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amended and Restated Employment Agreement dated June
  1, 2004 with J. Allen Fine</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10(xi)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Form of Amended and Restated Employment Agreement
  dated June 1, 2004 with each of James A. Fine, Jr. and W. Morris Fine</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10(xii)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Nonqualified Deferred Compensation Plan dated June
  1, 2004</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10(xiii)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Nonqualified Supplemental Retirement Benefit Plan
  dated November 17, 2003</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10(xiv)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Death Benefit Plan Agreement dated April 1, 2004
  with J. Allen Fine</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10(xv)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Death Benefit Plan Agreement dated May 19, 2004 with
  James A. Fine, Jr. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">31(i)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Certification of Chief Executive Officer pursuant to
  Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">31(ii)</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Certification of Chief Financial Officer pursuant to
  Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">32</FONT></DIV></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Certification of Chief Executive Officer and Chief
  Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></DIV></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Reports on Form 8-K</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
  April 28, 2004, the Company furnished a report on Form 8-K that reported
  under Item 12 that, on April 27, 2004, the Company released earnings for the
  quarter ended March 31, 2004.</FONT></DIV></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">20</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><A NAME=A15></A><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">SIGNATURE</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed in its behalf by the undersigned
hereunto duly authorized.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="48%" COLSPAN="3" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">INVESTORS TITLE COMPANY</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="48%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">By:</FONT></DIV></TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">/s/ James A. Fine, Jr.</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="48%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">James A. Fine, Jr.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="48%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">President, Principal Financial
  Officer and<BR>Principal Accounting Officer</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Dated:
August 13, 2004</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">21</FONT></P>

<HR SIZE=5 NOSHADE>


</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>d60373_ex10x.htm
<DESCRIPTION>EXHIBIT 10(X)
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>
<DIV STYLE="WIDTH:600">




<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit
10(x)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>AMENDED
AND RESTATED EMPLOYMENT AGREEMENT</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
EMPLOYMENT AGREEMENT (&#147;<U>Agreement</U>&#148;) effective as of November 17, 2003
(the &#147;<U>Effective Date</U>&#148;), and as amended June 1, 2004, is between
Investors Title Insurance Company, a North Carolina corporation (the &#147;<U>Company</U>&#148;),
and J. Allen Fine (&#147;<U>Executive</U>&#148;).</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">RECITALS:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Executive is presently the Chief Executive Officer of the Company and has made
and is expected to continue to make major contributions to the profitability,
growth and financial strength of the Company; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company desired to secure the services of the Executive for the future;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual covenants contained herein the
parties hereto agree as follows:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>.&#160; The Company shall employ Executive, and
Executive accepts continued employment with the Company, upon the terms and
conditions set forth in this Agreement. The term of this Agreement shall be for
a period of five (5) years beginning on the date hereof, and shall on the first
day of each calendar month, unless either party gives written notice to the
other party at least thirty (30) days prior to such date of intent not to
extend this Agreement, be extended one (1) additional month so that at all
times the term of this Agreement shall be for a period of five (5) years unless
earlier terminated as provided in paragraph 4 hereof (the &#147;<U>Employment Period</U>&#148;).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Position
and Duties</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;During
the Employment Period, Executive shall serve as the Chief Executive Officer of
the Company or in such other similar position as the Executive and the Board
shall agree upon and, subject to the management of the business and affairs of
the Company at the direction of the Board of Directors of the Company (the &#147;<U>Board</U>&#148;),
shall have the normal duties, responsibilities and authority of an executive
serving in such position.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall report to the Board.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;During
the Employment Period, Executive shall devote his best efforts and his full
business time and attention (except for participation in charitable and civic
endeavors and management of Executive&#146;s personal investments and business
interests, provided such activities do not have more than a <U>de</U> <U>minimis</U>
effect on Executive&#146;s performance of his duties under this Agreement) to the
business and affairs of the Company, its parent, subsidiaries and affiliates.
Executive shall perform his duties and responsibilities to the best of his
abilities in a diligent, trustworthy, businesslike and efficient manner.</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall perform his duties and responsibilities principally in the Chapel Hill,
North Carolina area and shall not be required to travel outside that area any more
extensively than Executive has done in the recent past in the ordinary course
of the business of the Company.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
and Benefits</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Salary</U>.&#160; The Company agrees to pay Executive a salary
during the Employment Period in installments based on the Company&#146;s practices
as may be in effect from time to time. Executive&#146;s initial salary shall be at
the rate of Two Hundred Fifty-Nine Thousand Five Hundred and No/100 Dollars
($259,500.00) per year, as may be increased from time to time (the &#147;<U>Base
Salary</U>&#148;), provided, however, that if there is a Change in Control (as
hereafter defined), the Executive&#146;s Base Salary as then in effect shall double
effective at the time the Change in Control becomes effective.&#160; Executive&#146;s Base Salary shall be reviewed by
the Compensation Committee of the Board (the &#147;<U>Compensation Committee</U>&#148;)
and shall be increased, but not decreased, from time to time at least in an
amount as shall be substantially consistent with increases in base salary
generally awarded in the ordinary course of business to other peer executives
of the Company and its affiliated companies.&#160;
As used in this Agreement, the term &#147;affiliated companies&#148; shall include
any company controlled by, controlling or under common control with the Company.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonuses</U>.&#160; Executive will be entitled to such cash
bonuses as the Board may determine, in its sole discretion, from time to time
(&#147;<U>Bonus Compensation</U>&#148;).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expense
Reimbursement</U>. The Company shall reimburse Executive for all reasonable
expenses incurred by Executive during the Employment Period in the course of
performing his duties under this Agreement that are consistent with the
Company&#146;s policies in effect from time to time with respect to travel,
entertainment and other business expenses, subject to the Company&#146;s
requirements applicable generally with respect to reporting and documentation
of such expenses.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonqualified
Supplemental Retirement Benefit Plan</U>.&#160;
During the Employment Period and within ten (10) days after each
calendar quarter, the Company shall make a contribution on the Executive&#146;s
behalf to a Nonqualified Supplemental Retirement Benefit Plan in an amount
equal to twenty-two percent (22%) of the Executive&#146;s Base Salary and Bonus
Compensation paid during such calendar quarter.&#160; If the Employment Period is terminated, for any reason
whatsoever, prior to a contribution being made for twenty (20) calendar
quarters, then in such event the Company shall make a lump sum contribution to
the plan equal to the number of calendar quarters less than twenty (20), using
as a base for determining such amount twenty two percent (22%) of the
Executive&#146;s Base Salary and Bonus Compensation for the twelve (12) months
preceding the termination of employment.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
for Serving on Board</U>.&#160; Executive
shall be entitled to no extra compensation for serving on the Company&#146;s or its
affiliated companies&#146; Boards of Directors.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation
and Sick Leave</U>.&#160; Executive shall be
entitled annually to thirty (30) days of paid vacation and to unlimited sick
leave, provided the Employment Period is subject to termination for disability
as provided under paragraph 4(b).&#160; The
vacation leave shall be cumulative; provided, however, that Executive shall not
be compensated for any unused vacation leave.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Benefits</U>.&#160; Executive shall be
entitled during the Employment Period to participate, on the same basis as
other executives of the Company, in such other benefits for which substantially
all of the executives of the Company are from time to time generally eligible,
as determined from time to time by the Board.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
Period</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Employment Period shall continue until terminated as provided in subsection (b)
below.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Employment Period shall end upon the first to occur of any of the following
events:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s
  death;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Company&#146;s termination of Executive&#146;s employment on account of Executive&#146;s
  having become unable (as determined by the Board in good faith) to perform
  regularly Executive&#146;s duties hereunder by reason of illness or incapacity for
  a period of more than one hundred eighty (180) consecutive days, plus accrued
  vacation days (&#147;<U>Termination for Disability</U>&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Company&#146;s termination of Executive&#146;s employment for Cause (&#147;<U>Termination
  for Cause</U>&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Company&#146;s termination of Executive&#146;s employment other than pursuant to
  subsections (b)(ii) or (iii) above (&#147;<U>Termination without Cause</U>&#148;) by
  means of advance written notice of at least sixty (60) days.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s
  termination of his employment for Good Reason by means of advance written
  notice to the Company at least thirty (30) days prior to the effective date
  of such termination (&#147;Termination by Executive for Good Reason&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s
  retirement at any time following his 70th birthday, upon written
  notice to the Company of at least six (6) months (&#147;<U>Retirement</U>&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s
  termination of his employment within thirty (30) days following a Change in
  Control by written notice to the Company.</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, &#147;<U>Cause</U>&#148; shall mean: </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Executive&#146;s conviction of, or plea of guilty or <U>nolo contendere</U> to,
  any crime involving dishonesty or moral turpitude;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  commission by Executive of a fraud against the Company or any of its parent,
  subsidiaries or affiliates for which he is convicted;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gross
  negligence or willful misconduct by Executive with respect to the Company or
  any of its parent, subsidiaries or affiliates which causes material detriment
  to the Company or any of its parent, subsidiaries or affiliates;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  falsification or manipulation of any records of the Company or any of its
  parent, subsidiaries or affiliates;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repudiation
  of this Agreement by Executive or Executive&#146;s abandonment of employment with
  the Company or any of its parent, subsidiaries or affiliates;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;breach
  by Executive of any of the agreements in paragraphs 6 and 7 hereof prior to
  the end of the Employment Period;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
  or refusal of Executive to perform his duties with the Company or any of its
  parent, subsidiaries or affiliates or to implement or follow the policies or
  directions of the Board within thirty (30) days after a written demand for
  performance is delivered to Executive by the Board that specifically
  identifies the manner in which the Board believes that Executive has not
  performed his duties or failed to implement or follow the policies or
  directions of the Board.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)&nbsp;&nbsp;&nbsp;For
  purposes of this Agreement,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&#148;Good
  Reason&#148; shall mean any breach by the Company of this Agreement that is
  material and that is not cured within thirty (30) days after written notice
  thereof to the Company from Executive;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&#148;Change
  in Control&#148; shall be deemed to have occurred upon the occurrence of any of
  the following events:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  &#147;person&#148; (as such term is used in Sections 13(d) and 14(d)(2) of the
  Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)), other than
  Executive or his affiliates or immediate family members, is or becomes the
  &#147;beneficial owner&#148; (as defined in Rule l3d-3 under the Exchange Act),
  directly or indirectly, of securities of the Company, or its parent,
  Investors Title Company, representing 50% or more of the combined voting
  power of the Company&#146;s or Investors Title Company&#146;s outstanding securities
  then entitled ordinarily (and apart from rights accruing under special
  circumstances) to vote for the election of directors; or</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>

  <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="3%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="91%" VALIGN=TOP>
        <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals
          who are &#147;Continuing Directors&#148; (as hereinafter defined) of
          Investors Title Company cease for any reason to constitute at least
          a majority of its Board of Directors; or</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="3%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="91%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="3%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="91%" VALIGN=TOP>
        <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
          sale of more than 50% of the assets (measured in terms of monetary value)
          of the Company or Investors Title Company is consummated; or</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="3%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="91%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="3%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="91%" VALIGN=TOP>
        <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
          merger, consolidation, or like business combination or reorganization
          of the Company or Investors Title Company is consummated that results
          in the occurrence of any event described in subparagraph (A), (B) or
          (C) above.</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
        <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Continuing
          Directors&#148; shall mean:</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
    </TR>
    <tr>
      <td width="5%" valign=TOP>
        <p><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=TOP>
        <p><font size=1>&nbsp;</font></p>
      </td>
      <td width="91%" valign=TOP>
        <p><font size=2 face="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
          directors of Investors Title Company in office on the date of this Agreement;
          or</font></p>
      </td>
    </tr>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
    </TR>
    <tr>
      <td width="5%" valign=TOP>
        <p><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=TOP>
        <p><font size=1>&nbsp;</font></p>
      </td>
      <td width="91%" valign=TOP>
        <p><font size=2 face="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
          successor to any such director (and any additional director) who after
          the date of this Agreement (i) was nominated or selected by a majority
          of the Continuing Directors in the office at the time of his or her
          nomination or selection and (ii) who is not an &#147;affiliate&#148;
          or &#147;associate&#148; (as defined in Regulation 12B under the Exchange
          Act) of any person who is the beneficial owner, directly or indirectly,
          of securities representing 50% or more of the combined voting power
          of the Company&#146;s outstanding securities then entitled ordinarily
          to vote for the election of directors.</font></p>
      </td>
    </tr>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" VALIGN=TOP>
        <P><FONT SIZE=1>&nbsp;</FONT></P>
      </TD>
      <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
        <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Post-Employment
          Period Payments</U>.</FONT></P>
      </TD>
    </TR>
  </TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof for any reason,
Executive shall cease to have any rights to salary, options, expense
reimbursements or other benefits other than: (i) any salary which has accrued
but is unpaid and any reimbursable expenses which have been incurred but are
unpaid as of the end of the Employment Period, (ii) any option rights or plan
benefits which by their terms extend beyond termination of Executive&#146;s
employment (but only to the extent provided in any option theretofore granted
to Executive or any other benefit plan in which Executive has participated as
an employee of the Company), (iii) any benefits to which Executive is entitled
under Part 6 of Subtitle B of Title I of the Employee Retirement Income
Security Act of 1974, as amended (&#147;COBRA&#148;), (iv) any accumulations and benefits
to which employee is entitled under the Nonqualified Supplemental Retirement
Benefit Plan and a Nonqualified Deferred Compensation Plan, and (v) any other
amount(s) payable pursuant to the succeeding provisions of this paragraph 5.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof on account of
Executive&#146;s death, Termination for Disability or Retirement, the Executive or,
in the event of death, his beneficiary (as identified to the Company in
writing) shall be entitled to receive the following: (i) payment of the
Executive&#146;s then current base salary for a period of three (3) years following
the termination date, payable on a monthly basis, (ii) three (3) annual
payments on the anniversary of the termination date, each in an amount equal to
the average of the Bonus Compensation paid to the Executive during the three
(3) years prior to Executive&#146;s death, Disability or Retirement, (iii) continued
participation by Executive and his spouse in the Company&#146;s medical, dental and vision
health plan, at the Company&#146;s expense, until Executive dies or, if later, until
his surviving spouse dies, (iv) any accumulations and benefits to which
Employee is entitled under the Nonqualified Supplemental Retirement Benefit
Plan and a Nonqualified Deferred Compensation Plan, (v) continued participation
by each of Executive&#146;s dependent children in the Company&#146;s medical, dental and
vision health plan, at the Company&#146;s expense, until each child is no longer a
dependent, as defined by the applicable plan, and (vi) immediate vesting of
Executive&#146;s existing stock options.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof on account of
Termination for Cause, the Company shall pay Executive (i) an amount equal to
that amount Executive would have received as salary (based on Executive&#146;s Base
Salary then in effect) had the Employment Period remained in effect until the
later of the effective date of the Company&#146;s termination of Executive&#146;s
employment or the date thirty (30) days after the Company&#146;s notice to Executive
of such termination, and (ii) any accumulations and benefits to which Employee
is entitled under the Nonqualified Supplemental Retirement Benefit Plan and a
Nonqualified Deferred Compensation Plan. The Company shall make no further
payments to Executive, except as provided in Section 5(a) hereof.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof on account of a
Termination without Cause or a Termination by Executive for Good Reason, the Executive
shall be entitled to receive the following:&#160;
(i) payment of the Executive&#146;s then current Base Salary for a period of
five (5) years following the termination date, payable on a monthly basis, (ii)
five (5) annual payments on the anniversary of the termination date, each in an
amount equal to the average of the Bonus Compensation paid to the Executive
during the three (3) years prior to the termination date, (iii) any
accumulations and benefits to which Employee is entitled under the Nonqualified
Supplemental Retirement Benefit Plan and a Nonqualified Deferred Compensation
Plan, (iv) continued participation by Executive and his spouse in the Company&#146;s
medical, dental and vision health plan, at the Company&#146;s expense, until
Executive dies or, if later, until his surviving spouse dies, (v) continued
participation by each of Executive&#146;s dependent children in the Company&#146;s
medical, dental and vision health plan, at the Company&#146;s expense, until each
child is no longer a dependent, as defined by the applicable plan, and (vi)
immediate vesting of Executive&#146;s existing stock options.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If
the Executive terminates his employment because of a Change in Control, the
Executive shall be entitled to receive the following: (i) a lump sum payment
equal to 2.99 times the sum of the Executive&#146;s then current Base Salary, (ii) a
lump sum payment equal to 2.99 times the amount equal to the average of the
Bonus Compensation paid to the Executive during the three (3) years prior to
the termination date, (iii) continued participation by Executive and his spouse
in the Company&#146;s medical, dental and vision health plan, at the Company&#146;s
expense, until Executive dies or, if later, until his surviving spouse dies,
(iv) continued participation by each of Executive&#146;s dependent children in the
Company&#146;s medical, dental and vision health plan, at the Company&#146;s expense,
until each child is no longer a dependent, as defined by the applicable plan,
(v) immediate vesting of Executive&#146;s existing stock options, and (vi) any accumulations
and benefits to which Employee is entitled under the Nonqualified Supplemental
Retirement Benefit Plan and a Nonqualified Deferred Compensation Plan. Upon
entitlement, all sums due hereunder will be payable in cash or by official bank
check within thirty (30) days following termination of the Executive&#146;s
employment. Notwithstanding anything to the contrary contained herein, in the
event that any portion of the payments or benefits received or to be received
by the Executive, together with any other payments received by him, whether
paid or payable pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with the Company or any other person or entity, would
cause, either directly or indirectly, an &#147;excess parachute payment&#148; to exist
within the meaning of said Section 280G of the Internal Revenue Code, the
payments hereunder shall be reduced until no portion of the payments would fail
to be deductible by reason of being an &#147;excess parachute payment&#148;.&#160; In the event that any dispute arises as to
whether an &#147;excess parachute payment&#148; exists, the appropriate calculations
shall be made by the Company&#146;s regularly employed independent public auditors
and delivered to the Executive in writing within thirty (30) days following the
date for payment of such severance payment, and the Company will warrant to the
Executive the accuracy of the calculations and the information on which they
are based.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall not be required to mitigate the amount of any payment or benefit provided
for in this Agreement by seeking other employment or otherwise.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.&#160; Executive acknowledges
that the information, observations and data obtained by Executive while
employed by the Company pursuant to this Agreement, as well as those obtained
by Executive while employed by the Company or any of its subsidiaries or
affiliates or any predecessor thereof prior to the date of this Agreement,
concerning the business or affairs of the Company or any of its subsidiaries or
affiliates or any predecessor thereof (unless and except to the extent the
foregoing become generally known to and available for use by the public other
than as a result of Executive&#146;s acts or omissions to act, &#147;<U>Confidential
Information</U>&#148;) are the property of the Company or such parent, subsidiary or
affiliate. Therefore, Executive agrees that during the Employment Period and
thereafter Executive shall not disclose any Confidential Information without
the prior written consent of the Board unless and except to the extent that
such disclosure is (i) made in the ordinary course of Executive&#146;s performance
of Executive&#146;s duties under this Agreement or (ii) required by any subpoena or
other legal process (in which event Executive will give the Company prompt
notice of such subpoena or other legal process in order to permit the Company
to seek appropriate protective orders), and that Executive shall not use any
Confidential Information for Executive&#146;s own account without the prior written
consent of the Board. Executive shall deliver to the Company at the termination
of the Employment Period, or at any other time the Company may reasonably
request, all memoranda, notes, plans, records, reports, computer tapes and
software and other documents and data (and copies thereof) relating to the
Confidential Information, or to the work product or the business of the Company
or any of its parent, subsidiaries or affiliates that Executive may then
possess or have under his control.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Noncompetition;
Nonsolicitation</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Executive
acknowledges that in the course of his employment with the Company pursuant to
this Agreement, Executive will become familiar, and during the course of
Executive&#146;s employment by the Company or any of its parent, subsidiaries or
affiliates or any predecessor thereof prior to the date of this Agreement,
Executive has become familiar with trade secrets and customer lists of and
other confidential information concerning the Company and its parent, subsidiaries
and affiliates and predecessors thereof and that Executive&#146;s services have been
and will be of special, unique and extraordinary value to the Company.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
agrees that during the Employment Period and, as a condition to the receipt of
payments as provided under paragraph 4, for a period of&#160; two (2) years after termination of
Executive&#146;s employment with the Company, in the State of North Carolina
Executive shall not in any manner, directly or indirectly, through any person,
firm or corporation, alone or as a member of a partnership or as an officer,
director, shareholder, investor or employee of or in any other corporation or
enterprise or otherwise, engage or be engaged in, or assist any other person,
firm, corporation or enterprise in engaging or being engaged in, any business
then actively being conducted by the Company or any of its parent, subsidiaries
or affiliates.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Executive
further agrees that, during the Employment Period and, as a condition to the
receipt of payments as provided under paragraph 4, for a period of two (2)
years after termination of Executive&#146;s employment with the Company, Executive
shall not in any manner, directly or indirectly, induce or attempt to induce
any employee of the Company or of any of its parent, subsidiaries or affiliates
(other than his spouse, if applicable) to quit or abandon his or her employ.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this paragraph 7 shall prohibit Executive from being: (1) a shareholder in a
mutual fund or a diversified investment company or (ii) a passive owner of not
more than 5% of the outstanding equity securities of any class of a corporation
or other entity which is publicly traded, so long as Executive has no active
participation in the business of such corporation or other entity.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In
the event Executive violates any legally enforceable provision of this
Agreement as to which there is a specific time period during which Executive is
prohibited from taking certain actions or from engaging in certain activities,
as set forth in this Agreement, then, in such event, the violation shall toll
the running of such time period from the date of such violation until the
violation ceases.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Executive
acknowledges that he has carefully considered the nature and extent of the
restrictions on him and the rights and remedies conferred on the Company under
this Agreement. Executive further acknowledges and agrees that the same are
reasonable in time and territory, are designed to eliminate competition which
would otherwise be unfair to the Company, do not stifle Executive&#146;s inherent
skill and experience, would not operate as a bar to Executive&#146;s sole means of
support, are fully required to protect the legitimate interests of the Company
and do not confer a benefit upon the Company disproportionate to Executive&#146;s
detriment.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;If,
at the time of enforcement of this paragraph, a court holds that the
restrictions stated herein are unreasonable under circumstances then existing,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period,
scope or area and that the court shall be allowed to revise the restrictions
contained herein to cover the maximum period, scope and area permitted by law.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. &nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement</U>.&#160; Because Executive&#146;s services are unique and
because Executive has access to Confidential Information and work product, the
parties hereto agree that the Company would be damaged irreparably in the event
any of the provisions of paragraph 7 hereof were not performed in accordance
with their specific terms or were otherwise breached and that money damages
would be an inadequate remedy for any such non-performance or breach. Therefore,
the Company or its successors or assigns shall be entitled, in addition to
other rights and remedies existing in their favor, to an injunction or
injunctions to prevent any breach or threatened breach of any of such
provisions and to enforce such provisions specifically (without posting a bond
or other security).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consulting
and Advice</U>.&#160; During the time period
that the Executive receives post-employment payments under paragraph 5, other
than by reason of death or disability, the Executive agrees that when and as
requested, he will consult with the Company concerning policies, procedures and
operations.&#160; The requests by the Company
for consultation shall be at reasonable times, with appropriate notice, not
more frequent than three (3) times a month, and may, at Employee&#146;s election, be
through telephone communication.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.&#160; Subject to any limits on applicability
contained therein, paragraphs 5, 6, 7 and 9 hereof shall survive and continue
in full force in accordance with their terms notwithstanding any termination of
the Employment Period.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&#160; Any notice provided for in this Agreement
shall be in writing and shall be either personally delivered, sent by reputable
overnight carrier or mailed by first class mail, return receipt requested. Any
notice to Executive will be delivered to the last home address on file with the
Company and any notice to the Company should be delivered to:</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
Title Insurance Company<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Secretary<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. O. Drawer 2687<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chapel Hill,
NC&#160; 27515-2687</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">or such other address or
to the attention of such other person as the recipient party shall have
specified by prior written notice to the sending party. Any notice under this
Agreement will be deemed to have been given when so delivered, sent or mailed.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&#160; Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision or any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Complete
Agreement</U>.&#160; This Agreement embodies
the complete agreement and understanding between the parties with respect to
the subject matter hereof and effective as of its date supersedes and preempts
any prior understandings, agreements or representations by or between the
parties, written or oral, which may have related to the subject matter hereof
in any way.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&#160; This Agreement may be executed in separate
counterparts, each of which shall be deemed to be an original and both of which
taken together shall constitute one and the same agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>.&#160; This Agreement shall
bind and inure to the benefit of and be enforceable by Executive, the Company
and their respective heirs, executors, personal representatives, successors and
assigns, except that neither party may assign any rights or delegate any
obligations hereunder without the prior written consent of the other party.
Executive hereby consents to the assignment by the Company of all of its rights
and obligations hereunder to any successor to the Company by merger or
consolidation or purchase of all or substantially all of the Company&#146;s assets,
provided such transferee or successor assumes the liabilities of the Company
hereunder.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Choice
of Law</U>.&#160; This Agreement shall be
governed by the internal law, and not the laws of conflicts, of the State of
North Carolina.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Waiver</U>.&#160; The provisions of this
Agreement may be amended or waived only with the prior written consent of the
Company and Executive, and no course of conduct or failure or delay in
enforcing the provisions of this Agreement shall affect the validity, binding
effect or enforceability of this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Mediation</U>.&#160; If a dispute arises out of or relates to
this Agreement, or the breach thereof, and if the dispute cannot be settled
through negotiation, the parties agree to submit such controversy to mediation
for resolution.&#160; The parties may use the
procedures set forth in the North Carolina General Statutes&#146; Rules Implementing
Court Ordered Mediated Settlement Conferences, where and if applicable.&#160; Provided, however, if any controversy
between the parties is not resolved by mediation within sixty (60) days after
the date the controversy has arisen (hereinafter &#147;controversy date&#148;), the
parties shall settle such controversy by arbitration in accordance with the
terms of the Uniform Arbitration Act, currently codified in North Carolina
General Statute, Article 45A, &#167;1-567.1, <U>et</U> <U>seq</U>., or any successor statutes
thereto, and as provided in Section 19 below.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.&#160; Any dispute or controversy arising under
this Agreement which is not resolved by mediation pursuant to Section 18 shall
be determined and settled by an independent disinterested person agreed upon by
the parties to the dispute.&#160; If the
parties are unable to mutually agree upon an independent arbitrator within
thirty (30) days, then each party shall appoint an independent arbitrator
within thirty (30) days, and the said two (2) independent arbitrators shall
appoint a third independent arbitrator within thirty (30) days, and the three
(3) independent arbitrators will resolve the dispute in controversy by majority
vote in accordance with the terms of the Uniform Arbitration Act currently
codified in North Carolina General Statute, Article 45A, &#167;1-567.1, <U>et</U> <U>seq</U>. or
any successor statutes.&#160; The expenses of
arbitration shall be shared equally by each party hereto, except that each
party will pay the costs of his own legal counsel and all other incidental
expenses.&#160; The parties hereto agree to
be bound by the results of the arbitration.&#160;
The place of arbitration shall be Orange County, North Carolina.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
written below.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">INVESTORS TITLE INSURANCE COMPANY</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">By:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="44%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>
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<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Its&#160; </FONT></P></TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <HR SIZE=1 NOSHADE>


  </TD>
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  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
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  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
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  <TD WIDTH="29%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
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  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">J. ALLEN FINE</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
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  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="47%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date:</FONT></P></TD>
 </TR>
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  <TD WIDTH="52%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
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  <HR SIZE=1 NOSHADE>


  </TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <TD WIDTH=9></TD>
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  <TD WIDTH=100></TD>
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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P>

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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>d60373_ex10xi.htm
<DESCRIPTION>EXHIBIT 10(XI)
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<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit 10(xi)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
EMPLOYMENT AGREEMENT (&#147;<U>Agreement</U>&#148;) effective as of November 17, 2003
(the &#147;<U>Effective Date</U>&#148;), and as amended June 1, 2004, is between
Investors Title Insurance Company, a North Carolina corporation (the &#147;<U>Company</U>&#148;),
and James A. Fine, Jr. (&#147;<U>Executive</U>&#148;).</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">RECITALS:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Executive is presently the Executive Vice President, Treasurer and Chief
Financial Officer of the Company and has made and is expected to continue to
make major contributions to the profitability, growth and financial strength of
the Company; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company desired to secure the services of the Executive for the future;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual covenants contained herein the
parties hereto agree as follows:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>.&#160; The Company shall employ Executive, and
Executive accepts continued employment with the Company, upon the terms and
conditions set forth in this Agreement. The term of this Agreement shall be for
a period of five (5) years beginning on the date hereof, and shall on the first
day of each calendar month, unless either party gives written notice to the
other party at least thirty (30) days prior to such date of intent not to extend
this Agreement, be extended one (1) additional month so that at all times the
term of this Agreement shall be for a period of five (5) years unless earlier
terminated as provided in paragraph 4 hereof (the &#147;<U>Employment Period</U>&#148;).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Position
and Duties</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Employment Period, Executive shall serve as the Executive Vice President,
Treasurer and Chief Financial Officer of the Company or in such other similar
position as the Executive and the Board shall agree upon and, subject to the
management of the business and affairs of the Company at the direction of the
Board of Directors of the Company (the &#147;<U>Board</U>&#148;), shall have the normal
duties, responsibilities and authority of an executive serving in such
position.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall report to the Chief Executive Officer.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;During
the Employment Period, Executive shall devote his best efforts and his full
business time and attention (except for participation in charitable and civic
endeavors and management of Executive&#146;s personal investments and business
interests, provided such activities do not have more than a <U>de</U> <U>minimis</U>
effect on Executive&#146;s performance of his duties under this Agreement) to the
business and affairs of the Company, its parent, subsidiaries and affiliates.
Executive shall perform his duties and responsibilities to the best of his
abilities in a diligent, trustworthy, businesslike and efficient manner.</FONT></P>

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<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall perform his duties and responsibilities principally in the Chapel Hill,
North Carolina area and shall not be required to travel outside that area any
more extensively than Executive has done in the recent past in the ordinary
course of the business of the Company.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
and Benefits</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Salary</U>.&#160; The Company agrees to pay Executive a salary
during the Employment Period in installments based on the Company&#146;s practices
as may be in effect from time to time. Executive&#146;s initial salary shall be at
the rate of Two Hundred Seven Thousand and No/100 Dollars ($207,000.00) per
year, as may be increased from time to time (the &#147;<U>Base Salary</U>&#148;),
provided, however, that if there is a Change in Control (as hereafter defined),
the Executive&#146;s Base Salary as then in effect shall double effective at the
time the Change in Control becomes effective.&#160;
Executive&#146;s Base Salary shall be reviewed by the Compensation Committee
of the Board (the &#147;<U>Compensation Committee</U>&#148;) and shall be increased, but
not decreased, from time to time at least in an amount as shall be
substantially consistent with increases in base salary generally awarded in the
ordinary course of business to other peer executives of the Company and its
affiliated companies.&#160; As used in this
Agreement, the term &#147;affiliated companies&#148; shall include any company controlled
by, controlling or under common control with the Company.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonuses</U>.&#160; Executive will be entitled to such cash
bonuses as the Board may determine, in its sole discretion, from time to time
(&#147;<U>Bonus Compensation</U>&#148;).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expense
Reimbursement</U>. The Company shall reimburse Executive for all reasonable
expenses incurred by Executive during the Employment Period in the course of
performing his duties under this Agreement that are consistent with the
Company&#146;s policies in effect from time to time with respect to travel,
entertainment and other business expenses, subject to the Company&#146;s
requirements applicable generally with respect to reporting and documentation
of such expenses.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonqualified
Supplemental Retirement Benefit Plan</U>.&#160;
During the Employment Period and within ten (10) days after each
calendar quarter, the Company shall make a contribution on the Executive&#146;s
behalf to a Nonqualified Supplemental Retirement Benefit Plan in an amount
equal to twenty-two percent (22%) of the Executive&#146;s Base Salary and Bonus
Compensation paid during such calendar quarter.&#160; If the Employment Period is terminated, for any reason
whatsoever, prior to a contribution being made for twenty (20) calendar
quarters, then in such event the Company shall make a lump sum contribution to
the plan equal to the number of calendar quarters less than twenty (20), using
as a base for determining such amount twenty two percent (22%) of the
Executive&#146;s Base Salary and Bonus Compensation for the twelve (12) months
preceding the termination of employment.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
for Serving on Board</U>.&#160; Executive
shall be entitled to no extra compensation for serving on the Company&#146;s or its
affiliated companies&#146; Boards of Directors.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation
and Sick Leave</U>.&#160; Executive shall be
entitled annually to thirty (30) days of paid vacation and to unlimited sick
leave, provided the Employment Period is subject to termination for disability
as provided under paragraph 4(b).&#160; The
vacation leave shall be cumulative; provided, however, that Executive shall not
be compensated for any unused vacation leave.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Benefits</U>.&#160; Executive shall be
entitled during the Employment Period to participate, on the same basis as
other executives of the Company, in such other benefits for which substantially
all of the executives of the Company are from time to time generally eligible,
as determined from time to time by the Board.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
Period</U>.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The
  Employment Period shall continue until terminated as provided in subsection
  (b) below.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The
  Employment Period shall end upon the first to occur of any of the following
  events:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s
  death;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the
  Company&#146;s termination of Executive&#146;s employment on account of Executive&#146;s
  having become unable (as determined by the Board in good faith) to perform
  regularly Executive&#146;s duties hereunder by reason of illness or incapacity for
  a period of more than one hundred eighty (180) consecutive days, plus accrued
  vacation days (&#147;<U>Termination for Disability</U>&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;the
  Company&#146;s termination of Executive&#146;s employment for Cause (&#147;<U>Termination
  for Cause</U>&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;the
  Company&#146;s termination of Executive&#146;s employment other than pursuant to
  subsections (b)(ii) or (iii) above (&#147;<U>Termination without Cause</U>&#148;) by
  means of advance written notice of at least sixty (60) days.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s
  termination of his employment for Good Reason by means of advance written
  notice to the Company at least thirty (30) days prior to the effective date
  of such termination (&#147;Termination by Executive for Good Reason&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;Executive&#146;s
  retirement at any time following his 50th birthday, upon written
  notice to the Company of at least six (6) months (&#147;<U>Retirement</U>&#148;);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;Executive&#146;s
  termination of his employment within thirty (30) days following a Change in
  Control by written notice to the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For purposes
  of this Agreement, &#147;<U>Cause</U>&#148; shall mean:</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Executive&#146;s conviction of, or plea of guilty or <U>nolo contendere</U> to, any crime
  involving dishonesty or moral turpitude;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the
  commission by Executive of a fraud against the Company or any of its parent,
  subsidiaries or affiliates for which he is convicted;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;gross
  negligence or willful misconduct by Executive with respect to the Company or
  any of its parent, subsidiaries or affiliates which causes material detriment
  to the Company or any of its parent, subsidiaries or affiliates;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;the
  falsification or manipulation of any records of the Company or any of its
  parent, subsidiaries or affiliates;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;repudiation
  of this Agreement by Executive or Executive&#146;s abandonment of employment with
  the Company or any of its parent, subsidiaries or affiliates;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;breach
  by Executive of any of the agreements in paragraphs 6 and 7 hereof prior to
  the end of the Employment Period;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;failure
  or refusal of Executive to perform his duties with the Company or any of its
  parent, subsidiaries or affiliates or to implement or follow the policies or
  directions of the Board within thirty (30) days after a written demand for
  performance is delivered to Executive by the Board that specifically
  identifies the manner in which the Board believes that Executive has not
  performed his duties or failed to implement or follow the policies or directions
  of the Board.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For purposes
  of this Agreement,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Good
  Reason&#148; shall mean any breach by the Company of this Agreement that is
  material and that is not cured within thirty (30) days after written notice
  thereof to the Company from Executive;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change
  in Control&#148; shall be deemed to have occurred upon the occurrence of any of
  the following events:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;Any
  &#147;person&#148; (as such term is used in Sections 13(d) and 14(d)(2) of the
  Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)), other than
  Executive or his affiliates or immediate family members, is or becomes the
  &#147;beneficial owner&#148; (as defined in Rule l3d-3 under the Exchange Act),
  directly or indirectly, of securities of the Company, or its parent,
  Investors Title Company, representing 50% or more of the combined voting
  power of the Company&#146;s or Investors Title Company&#146;s outstanding securities
  then entitled ordinarily (and apart from rights accruing under special
  circumstances) to vote for the election of directors; or</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals
  who are &#147;Continuing Directors&#148; (as hereinafter defined) of Investors Title
  Company cease for any reason to constitute at least a majority of its Board
  of Directors; or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  sale of more than 50% of the assets (measured in terms of monetary value) of
  the Company or Investors Title Company is consummated; or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  merger, consolidation, or like business combination or reorganization of the
  Company or Investors Title Company is consummated that results in the
  occurrence of any event described in subparagraph (A), (B) or (C) above.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iii)</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Continuing
  Directors&#148; shall mean:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  directors of Investors Title Company in office on the date of this Agreement;
  or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
  successor to any such director (and any additional director) who after the
  date of this Agreement (i) was nominated or selected by a majority of the
  Continuing Directors in the office at the time of his or her nomination or
  selection and (ii) who is not an &#147;affiliate&#148; or &#147;associate&#148; (as defined in
  Regulation 12B under the Exchange Act) of any person who is the beneficial
  owner, directly or indirectly, of securities representing 50% or more of the
  combined voting power of the Company&#146;s outstanding securities then entitled
  ordinarily to vote for the election of directors.</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Post-Employment
Period Payments</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof for any reason,
Executive shall cease to have any rights to salary, options, expense
reimbursements or other benefits other than: (i) any salary which has accrued
but is unpaid and any reimbursable expenses which have been incurred but are unpaid
as of the end of the Employment Period, (ii) any option rights or plan benefits
which by their terms extend beyond termination of Executive&#146;s employment (but
only to the extent provided in any option theretofore granted to Executive or
any other benefit plan in which Executive has participated as an employee of
the Company), (iii) any benefits to which Executive is entitled under Part 6 of
Subtitle B of Title I of the Employee Retirement Income Security Act of 1974,
as amended (&#147;COBRA&#148;), (iv) any accumulations and benefits to which employee is
entitled under the Nonqualified Supplemental Retirement Benefit Plan and a
Nonqualified Deferred Compensation Plan, and (v) any other amount(s) payable
pursuant to the succeeding provisions of this paragraph 5.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof on account of
Executive&#146;s death, Termination for Disability or Retirement, the Executive or,
in the event of death, his beneficiary (as identified to the Company in
writing) shall be entitled to receive the following: (i) payment of the
Executive&#146;s then current base salary for a period of three (3) years following
the termination date, payable on a monthly basis, (ii) three (3) annual
payments on the anniversary of the termination date, each in an amount equal to
the average of the Bonus Compensation paid to the Executive during the three
(3) years prior to Executive&#146;s death, Disability or Retirement, (iii) continued
participation by Executive and his spouse in the Company&#146;s medical, dental and
vision health plan, at the Company&#146;s expense, until Executive dies or, if
later, until his surviving spouse dies, (iv) any accumulations and benefits to
which Employee is entitled under the Nonqualified Supplemental Retirement
Benefit Plan and a Nonqualified Deferred Compensation Plan, (v) continued
participation by each of Executive&#146;s dependent children in the Company&#146;s
medical, dental and vision health plan, at the Company&#146;s expense, until each
child is no longer a dependent, as defined by the applicable plan, (vi) at the
Executive&#146;s option, the Company shall transfer to the Executive the ownership
of any and all life insurance policies insuring the Executive&#146;s life that the
Company has purchased and the Executive shall thereafter be liable for all
payments due on such policies, and (vii) immediate vesting of Executive&#146;s
existing stock options.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof on account of
Termination for Cause, the Company shall pay Executive (i) an amount equal to
that amount Executive would have received as salary (based on Executive&#146;s Base
Salary then in effect) had the Employment Period remained in effect until the
later of the effective date of the Company&#146;s termination of Executive&#146;s employment
or the date thirty (30) days after the Company&#146;s notice to Executive of such
termination, and (ii) any accumulations and benefits to which Employee is
entitled under the Nonqualified Supplemental Retirement Benefit Plan and a
Nonqualified Deferred Compensation Plan. The Company shall make no further
payments to Executive, except as provided in Section 5(a) hereof.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Employment Period ends pursuant to paragraph 4 hereof on account of a
Termination without Cause or a Termination by Executive for Good Reason, the
Executive shall be entitled to receive the following:&#160; (i) payment of the Executive&#146;s then current Base Salary for a
period of five (5) years following the termination date, payable on a monthly
basis, (ii) five (5) annual payments on the anniversary of the termination
date, each in an amount equal to the average of the Bonus Compensation paid to
the Executive during the three (3) years prior to the termination date, (iii)
any accumulations and benefits to which Employee is entitled under the
Nonqualified Supplemental Retirement Benefit Plan and a Nonqualified Deferred
Compensation Plan, (iv) continued participation by Executive and his spouse in
the Company&#146;s medical, dental and vision health plan, at the Company&#146;s expense,
until Executive dies or, if later, until his surviving spouse dies, (v)
continued participation by each of Executive&#146;s dependent children in the
Company&#146;s medical, dental and vision health plan, at the Company&#146;s expense,
until each child is no longer a dependent, as defined by the applicable plan,
(vi) immediate vesting of Executive&#146;s existing stock options and (vii) at the
Executive&#146;s option, the Company shall transfer to the Executive the ownership
of any and all life insurance policies insuring the Executive&#146;s life that the
Company has purchased and the Executive shall thereafter be liable for all
payments due on such policies.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Executive terminates his employment because of a Change in Control, the
Executive shall be entitled to receive the following: (i) a lump sum payment
equal to 2.99 times the sum of the Executive&#146;s then current Base Salary, (ii) a
lump sum payment equal to 2.99 times the amount equal to the average of the
Bonus Compensation paid to the Executive during the three (3) years prior to
the termination date, (iii) continued participation by Executive and his spouse
in the Company&#146;s medical, dental and vision health plan, at the Company&#146;s
expense, until Executive dies or, if later, until his surviving spouse dies,
(iv) continued participation by each of Executive&#146;s dependent children in the
Company&#146;s medical, dental and vision health plan, at the Company&#146;s expense,
until each child is no longer a dependent, as defined by the applicable plan,
(v) immediate vesting of Executive&#146;s existing stock options, (vi) any
accumulations and benefits to which Employee is entitled under the Nonqualified
Supplemental Retirement Benefit Plan and a Nonqualified Deferred Compensation
Plan, and (vii) at the Executive&#146;s option, the Company shall transfer to the
Executive the ownership of any and all life insurance policies insuring the
Executive&#146;s life that the Company has purchased and the Executive shall
thereafter be liable for all payments due on such policies. Upon entitlement, all
sums due hereunder will be payable in cash or by official bank check within
thirty (30) days following termination of the Executive&#146;s employment.
Notwithstanding anything to the contrary contained herein, in the event that
any portion of the payments or benefits received or to be received by the
Executive, together with any other payments received by him, whether paid or
payable pursuant to the terms of this Agreement or any other plan, arrangement
or agreement with the Company or any other person or entity, would cause,
either directly or indirectly, an &#147;excess parachute payment&#148; to exist within
the meaning of said Section 280G of the Internal Revenue Code, the payments
hereunder shall be reduced until no portion of the payments would fail to be
deductible by reason of being an &#147;excess parachute payment&#148;.&#160; In the event that any dispute arises as to
whether an &#147;excess parachute payment&#148; exists, the appropriate calculations
shall be made by the Company&#146;s regularly employed independent public auditors
and delivered to the Executive in writing within thirty (30) days following the
date for payment of such severance payment, and the Company will warrant to the
Executive the accuracy of the calculations and the information on which they
are based.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall not be required to mitigate the amount of any payment or benefit provided
for in this Agreement by seeking other employment or otherwise.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.&#160; Executive acknowledges
that the information, observations and data obtained by Executive while
employed by the Company pursuant to this Agreement, as well as those obtained
by Executive while employed by the Company or any of its subsidiaries or
affiliates or any predecessor thereof prior to the date of this Agreement,
concerning the business or affairs of the Company or any of its subsidiaries or
affiliates or any predecessor thereof (unless and except to the extent the
foregoing become generally known to and available for use by the public other
than as a result of Executive&#146;s acts or omissions to act, &#147;<U>Confidential
Information</U>&#148;) are the property of the Company or such parent, subsidiary or
affiliate. Therefore, Executive agrees that during the Employment Period and
thereafter Executive shall not disclose any Confidential Information without
the prior written consent of the Board unless and except to the extent that
such disclosure is (i) made in the ordinary course of Executive&#146;s performance
of Executive&#146;s duties under this Agreement or (ii) required by any subpoena or
other legal process (in which event Executive will give the Company prompt
notice of such subpoena or other legal process in order to permit the Company
to seek appropriate protective orders), and that Executive shall not use any
Confidential Information for Executive&#146;s own account without the prior written
consent of the Board. Executive shall deliver to the Company at the termination
of the Employment Period, or at any other time the Company may reasonably
request, all memoranda, notes, plans, records, reports, computer tapes and
software and other documents and data (and copies thereof) relating to the
Confidential Information, or to the work product or the business of the Company
or any of its parent, subsidiaries or affiliates that Executive may then
possess or have under his control.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Noncompetition;
Nonsolicitation</U>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
acknowledges that in the course of his employment with the Company pursuant to
this Agreement, Executive will become familiar, and during the course of
Executive&#146;s employment by the Company or any of its parent, subsidiaries or
affiliates or any predecessor thereof prior to the date of this Agreement,
Executive has become familiar with trade secrets and customer lists of and other
confidential information concerning the Company and its parent, subsidiaries
and affiliates and predecessors thereof and that Executive&#146;s services have been
and will be of special, unique and extraordinary value to the Company.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
agrees that during the Employment Period and, as a condition to the receipt of
payments as provided under paragraph 4, for a period of&#160; two (2) years after termination of
Executive&#146;s employment with the Company, in the State of North Carolina
Executive shall not in any manner, directly or indirectly, through any person,
firm or corporation, alone or as a member of a partnership or as an officer,
director, shareholder, investor or employee of or in any other corporation or
enterprise or otherwise, engage or be engaged in, or assist any other person,
firm, corporation or enterprise in engaging or being engaged in, any business
then actively being conducted by the Company or any of its parent, subsidiaries
or affiliates.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
further agrees that, during the Employment Period and, as a condition to the
receipt of payments as provided under paragraph 4, for a period of two (2)
years after termination of Executive&#146;s employment with the Company, Executive
shall not in any manner, directly or indirectly, induce or attempt to induce
any employee of the Company or of any of its parent, subsidiaries or affiliates
(other than his spouse, if applicable) to quit or abandon his or her employ.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this paragraph 7 shall prohibit Executive from being: (1) a shareholder in a
mutual fund or a diversified investment company or (ii) a passive owner of not
more than 5% of the outstanding equity securities of any class of a corporation
or other entity which is publicly traded, so long as Executive has no active
participation in the business of such corporation or other entity.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event Executive violates any legally enforceable provision of this
Agreement as to which there is a specific time period during which Executive is
prohibited from taking certain actions or from engaging in certain activities,
as set forth in this Agreement, then, in such event, the violation shall toll
the running of such time period from the date of such violation until the
violation ceases.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
acknowledges that he has carefully considered the nature and extent of the
restrictions on him and the rights and remedies conferred on the Company under
this Agreement. Executive further acknowledges and agrees that the same are
reasonable in time and territory, are designed to eliminate competition which
would otherwise be unfair to the Company, do not stifle Executive&#146;s inherent
skill and experience, would not operate as a bar to Executive&#146;s sole means of
support, are fully required to protect the legitimate interests of the Company
and do not confer a benefit upon the Company disproportionate to Executive&#146;s
detriment.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at the time of enforcement of this paragraph, a court holds that the
restrictions stated herein are unreasonable under circumstances then existing,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period,
scope or area and that the court shall be allowed to revise the restrictions
contained herein to cover the maximum period, scope and area permitted by law.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement</U>.&#160; Because Executive&#146;s services are unique and
because Executive has access to Confidential Information and work product, the
parties hereto agree that the Company would be damaged irreparably in the event
any of the provisions of paragraph 7 hereof were not performed in accordance
with their specific terms or were otherwise breached and that money damages would
be an inadequate remedy for any such non-performance or breach. Therefore, the
Company or its successors or assigns shall be entitled, in addition to other
rights and remedies existing in their favor, to an injunction or injunctions to
prevent any breach or threatened breach of any of such provisions and to
enforce such provisions specifically (without posting a bond or other
security).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consulting
and Advice</U>.&#160; During the time period
that the Executive receives post-employment payments under paragraph 5, other
than by reason of death or disability, the Executive agrees that when and as
requested, he will consult with the Company concerning policies, procedures and
operations.&#160; The requests by the Company
for consultation shall be at reasonable times, with appropriate notice, not
more frequent than three (3) times a month, and may, at Employee&#146;s election, be
through telephone communication.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.&#160; Subject to any limits on applicability
contained therein, paragraphs 5, 6, 7 and 9 hereof shall survive and continue
in full force in accordance with their terms notwithstanding any termination of
the Employment Period.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&#160; Any notice provided for in this Agreement
shall be in writing and shall be either personally delivered, sent by reputable
overnight carrier or mailed by first class mail, return receipt requested. Any
notice to Executive will be delivered to the last home address on file with the
Company and any notice to the Company should be delivered to:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
Title Insurance Company<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:
Secretary<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. O. Drawer 2687<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chapel Hill,
NC&#160; 27515-2687</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">or such other address or to the attention of such other person as the
recipient party shall have specified by prior written notice to the sending
party. Any notice under this Agreement will be deemed to have been given when
so delivered, sent or mailed.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&#160; Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision or any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Complete
Agreement</U>.&#160; This Agreement embodies
the complete agreement and understanding between the parties with respect to
the subject matter hereof and effective as of its date supersedes and preempts
any prior understandings, agreements or representations by or between the
parties, written or oral, which may have related to the subject matter hereof
in any way.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&#160; This Agreement may be executed in separate
counterparts, each of which shall be deemed to be an original and both of which
taken together shall constitute one and the same agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>.&#160; This Agreement shall
bind and inure to the benefit of and be enforceable by Executive, the Company
and their respective heirs, executors, personal representatives, successors and
assigns, except that neither party may assign any rights or delegate any
obligations hereunder without the prior written consent of the other party.
Executive hereby consents to the assignment by the Company of all of its rights
and obligations hereunder to any successor to the Company by merger or
consolidation or purchase of all or substantially all of the Company&#146;s assets,
provided such transferee or successor assumes the liabilities of the Company
hereunder.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Choice
of Law</U>.&#160; This Agreement shall be
governed by the internal law, and not the laws of conflicts, of the State of
North Carolina.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Waiver</U>.&#160; The provisions of this
Agreement may be amended or waived only with the prior written consent of the
Company and Executive, and no course of conduct or failure or delay in
enforcing the provisions of this Agreement shall affect the validity, binding
effect or enforceability of this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Mediation</U>.&#160; If a dispute arises out of or relates to
this Agreement, or the breach thereof, and if the dispute cannot be settled
through negotiation, the parties agree to submit such controversy to mediation
for resolution.&#160; The parties may use the
procedures set forth in the North Carolina General Statutes&#146; Rules Implementing
Court Ordered Mediated Settlement Conferences, where and if applicable.&#160; Provided, however, if any controversy
between the parties is not resolved by mediation within sixty (60) days after
the date the controversy has arisen (hereinafter &#147;controversy date&#148;), the
parties shall settle such controversy by arbitration in accordance with the
terms of the Uniform Arbitration Act, currently codified in North Carolina
General Statute, Article 45A, &#167;1-567.1, <U>et</U> <U>seq</U>., or any successor
statutes thereto, and as provided in Section 19 below.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.&#160; Any dispute or controversy arising under
this Agreement which is not resolved by mediation pursuant to Section 18 shall
be determined and settled by an independent disinterested person agreed upon by
the parties to the dispute.&#160; If the
parties are unable to mutually agree upon an independent arbitrator within
thirty (30) days, then each party shall appoint an independent arbitrator
within thirty (30) days, and the said two (2) independent arbitrators shall
appoint a third independent arbitrator within thirty (30) days, and the three
(3) independent arbitrators will resolve the dispute in controversy by majority
vote in accordance with the terms of the Uniform Arbitration Act currently
codified in North Carolina General Statute, Article 45A, &#167;1-567.1, <U>et</U> <U>seq</U>. or
any successor statutes.&#160; The expenses of
arbitration shall be shared equally by each party hereto, except that each
party will pay the costs of his own legal counsel and all other incidental
expenses.&#160; The parties hereto agree to
be bound by the results of the arbitration.&#160;
The place of arbitration shall be Orange County, North Carolina.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date written
below.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">INVESTORS
  TITLE INSURANCE COMPANY</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">By:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="48%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Its</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="48%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">JAMES A.
  FINE, JR.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="52%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="47%" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=BOTTOM>
  <P>&nbsp;</P></TD>
  <TD WIDTH="28%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=345></TD>
  <TD WIDTH=23></TD>
  <TD WIDTH=9></TD>
  <TD WIDTH=203></TD>
  <TD WIDTH=141></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P>

<HR SIZE=5 NOSHADE>





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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>d60373_ex10xii.htm
<DESCRIPTION>EXHIBIT 10(XII)
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>
<DIV STYLE="WIDTH:600">

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit
10(xii)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS
TITLE INSURANCE COMPANY</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>NONQUALIFIED
DEFERRED COMPENSATION PLAN</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Effective
June 1, 2004</B></FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Page</B></FONT></P>
  </TD>
 </TR>
<TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&nbsp;</B></FONT></P>
  </TD>
 </TR>


  <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">PREAMBLE</FONT></P>
  </TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE I</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Account&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Beneficiary&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.3</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Benefit Commencement
  Date&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.4</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Board&#148; or
  &#147;Board of Directors&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.5</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Code&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.6</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Committee&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.7</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Company&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.8</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Company
  Contributions&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.9</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Compensation&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
        <P ALIGN=RIGHT><font size="2" face="TIMES NEW ROMAN, TIMES, SERIF">3</font></P>
      </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.10</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Effective
  Date&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.11</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Elective
  Deferral&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.12</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Eligible
  Employee&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.13</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Participant&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.14</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Plan&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.15</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Plan
  Administrator&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.16</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Plan Year&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.17</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Rabbi
  Trust&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.18</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Schedule&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.19</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;SEP&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.20</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Termination
  of Employment&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.21</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Valuation
  Date&#148;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE II</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARTICIPATION</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Eligible
  Class</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commencement
  of Participation</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;III</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESTABLISHMENT
  OF ACCOUNTS</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Accounts</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Credits and
  Debits to Accounts</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;IV</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTRIBUTIONS
  AND BENEFITS</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Elective
  Deferrals</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.3</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Crediting
  Elective Contributions to Accounts</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.4</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Taxation</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.5</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investment
  Funds</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.6</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Company
  Investments</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;V</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BENEFIT
  EVENTS</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits
  Following Termination of Employment</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">i</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>





<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>TABLE OF CENTENTS</B><BR>(continued)</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Page</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Death
  Benefits</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.3</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payor</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;VI</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUATION
  AND DISTRIBUTION OF ACCOUNTS</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Valuation of
  Accounts</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commencement
  of Benefits</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.3</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Form and
  Amount of Payment</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.4</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Deferral of
  Benefits</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;VII</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION
  AND CLAIMS PROCEDURE</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Administration</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Expenses;
  Reliance on Third-Parties</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.3</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Annual
  Statements</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.4</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Appointment
  of a Conservator</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.5</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Limitation
  of Liability</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.6</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Claims for
  Benefits</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;VIII</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUNDING</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In General</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Rabbi Trust</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;IX</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT,
  TERMINATION AND CHANGE OF CONTROL</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amendment or
  Termination</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Change of Control</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;X</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL
  PROVISIONS</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.1</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payment to
  Minors and Incompetents</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.2</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">No Contract</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.3</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Use of
  Masculine and Feminine; Singular and Plural</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.4</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Non-Alienation
  of Benefits</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.5</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Protective
  Provisions</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.6</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Governing
  Law</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.7</FONT></P></TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Captions</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ii</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>PREAMBLE</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Effective June 1, 2004, Investors Title Insurance Company the
&#147;Company&#148;) hereby establishes this non-qualified deferred compensation plan
referred to as the Investors Title Insurance Company Non-qualified Deferred
Compensation Plan (the &#147;Plan&#148;).</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The purpose of this Plan is to permit selected management employees to
set-aside additional retirement benefits on a pre-tax basis.&#160; This Plan shall be unfunded and maintained
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees within the meaning of Sections
201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act
of 1974, as amended (&#147;ERISA&#148;).&#160; The Plan
is intended to be effective with respect to Compensation earned after December
31, 2002.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits are based upon hypothetical contributions from a Participant&#146;s
Compensation, and from Company Contributions, in each case which are credited
to a Participant&#146;s &#147;Account&#148;.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">It is intended that funds accumulated under this Plan on a
Participant&#146;s behalf will be paid to the Participant at a specified future date
determined under procedures described herein, or upon disability or Termination
of Employment.&#160; The Participant may
select a lump sum, or from among other payment options for Plan benefits.&#160; Upon the Participant&#146;s death, the
Participant&#146;s remaining Account balance, if any, will be paid to the
Participant&#146;s named Beneficiary.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Account balances resulting from a Participant&#146;s deferred compensation
may be credited with interest, at a rate determined by the Company, or with
amounts reflecting and corresponding to the performance (i.e., income, gains,
losses, etc.) of a designated security or index.&#160; Further, the Company may choose to set aside assets relating to
Plan obligations in a Rabbi Trust, the corpus of which will be available to the
Company&#146;s creditors in the event of bankruptcy.&#160; However, the Company is under no obligation to invest amounts
deemed contributed to the Plan or to set aside funds in a Rabbi Trust.&#160; In all cases, the Company may elect to pay
the benefits promised hereunder from other general assets.&#160; Notwithstanding the fact that the Company
may set aside assets in respect of its obligations under the Plan, the Plan is
unfunded and the rights of Participants and Beneficiaries are limited to those
of general, unsecured creditors of the Company.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE I<BR>&#160;DEFINITIONS</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The following words and phrases when used in the Plan shall have the
following meanings, unless a different meaning is plainly required by the
context:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.1</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Account</U>&#148; means the bookkeeping account
  established for the measurement of the Company&#146;s accumulated liability to a
  Participant under the Plan.&#160; Each
  Participant&#146;s Account will reflect the undistributed balance to the credit of
  the Participant, representing accumulated Elective Deferrals and Company
  Contributions, and the hypothetical investment earnings, gains and losses
  credited to the Account under the terms of the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.2</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Beneficiary</U>&#148; means the person, persons or trust
  designated by the Participant or former Participant to receive benefits under
  the Plan in the event of the Participant&#146;s death prior to the full
  distribution of his Account.&#160; A Participant
  shall designate his Beneficiary or Beneficiaries in writing under the
  specific procedures as shall be established by the Plan Administrator.&#160; A Participant may change his Beneficiaries
  at any time by delivering written instructions to the Plan
  Administrator.&#160; In the event a Participant
  dies without a valid designation of Beneficiary in effect, the Participant&#146;s
  remaining Account shall be payable to his spouse or, if the Participant is
  not married at the time of death, to his estate.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.3</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Benefit
  Commencement Date</U>&#148; means the date upon which the Participant&#146;s
  Termination of Employment occurs or is deemed to occur in accordance with the
  provisions of Article IV and after which the distribution of benefits to the
  Participant will commence in accordance with the provisions of Articles IV
  and V.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.4</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Board&#148;
  or &#147;Board of Directors</U>&#148; means the Board of Directors of Investors Title
  Insurance Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.5</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147; <U>Code</U>&#148;
  means the Internal Revenue Code of 1986, as amended from time to time, and
  any regulations issued thereunder.&#160;
  Reference to any section of the Code shall include any successor
  provision thereto.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.6</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Committee</U>&#148;
  means the Compensation Committee of Investors Title Insurance Company or such
  other person or persons designated by the Company to determine the
  eligibility of employees for participation in the Plan in accordance with the
  provisions of Article XI, and to provide oversight to the administration of
  the plan in accordance with Article VII.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.7</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Company</U>&#148;
  means Investors Title Insurance Company, a North Carolina corporation, and
  its successor or successors.&#160; The
  Company is a wholly-owned subsidiary of Investors Title Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.8</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Company
  Contributions</U>&#148; means the amounts which the Company will credit to a
  Participant&#146;s Account, as provided in Section 4.3.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.9</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Compensation</U>&#148;
  means the aggregate compensation paid to a participant by the Company for a
  Plan Year, including salary, overtime pay, commissions, bonuses and all other
  items that constitute wages within the meaning of &#167; 3401(a) of the Code or
  are required to be reported under &#167;&#167; 6041(d), 6051(a)(3) or 6052 of the
  Code.&#160; Compensation also includes
  Elective Deferrals under this Plan and any deferrals under cash-or-deferred
  arrangements or cafeteria plans that are not includible in gross income by reason
  of &#167; 125 or &#167; 402(a)(8) of the Code but does not include any other amounts
  contributed pursuant to, or received under, this Plan or any other plan of
  deferred compensation.&#160; Compensation
  excludes all stock option transactions, relocation reimbursements, and
  automobile allowances.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.10</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Effective
  Date</U>&#148; means June 1, 2004.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.11</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Elective
  Deferral</U>&#148; means the amounts of Compensation which a Participant may elect
  to defer receipt until a later date, and which will be credited to such
  Participant&#146;s Account, as provided in Section 4.2. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.12</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Eligible
  Employee</U>&#148; means an employee of the Company who is included in the
  eligible class described in Section 2. 1, and who is listed on the Schedule.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.13</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Participant</U>&#148; means an Eligible Employee for whom
  an Account is being maintained under the terms of the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.14</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Plan</U>&#148;
  means the Investors Title Insurance Company Non-Qualified Deferred
  Compensation Plan as set forth in this document and as amended from time to
  time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.15</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Plan
  Administrator</U>&#148; means the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.16</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Plan
  Year</U>&#148; means each calendar year commencing January 1, 2004 and thereafter.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.17</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Rabbi
  Trust</U>&#148; means, for the purposes of this Plan, a grantor trust under
  Subpart E of Subchapter J of Chapter I of the Code established by an employer
  in connection with a nonqualified deferred compensation or supplemental
  retirement benefit plan, the assets of which may be reached by the employer
  grantor&#146;s general creditors.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.18</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Schedule</U>&#148; means the document which lists the
  Eligible Employees who are Participants in the Plan, as such Schedule is
  amended from time to time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.19</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>SEP</U>&#148; means the simplified employee pension
  which the Company sponsors and administrators, as provided in Code section
  408.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.20</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Termination of Employment</U>&#148; means any severance
  of the employee/employer relationship between a Participant and the Company
  for any reason.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.21</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Valuation
  Date</U>&#148; means the last day of each calendar quarter, and is the date on
  which Participant Account values are determined.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE II<BR>
PARTICIPATION</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.1</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Eligible
  Class</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Except as
  provided in (b) and (c) below, an individual who is employed by the Company
  is an Eligible Employee with respect to a particular Plan Year only if he is
  both (i) within a select group of management or highly compensated Employees
  within the meaning of Sections 201(2), 301 (a)(3) and 401 (a)(1) of ERISA, as
  determined by the Committee in its sole discretion, and (ii) identified by
  the Company as an Eligible Employee and listed in the Schedule A, attached
  hereto.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Each
  Eligible Employee must cooperate with the Company by furnishing any and all
  information requested by the Company in order to facilitate the payment of
  benefits hereunder.&#160; Notwithstanding
  any provision in the Plan to the contrary, an individual who would otherwise
  be eligible to receive benefits under the Plan shall nevertheless be
  considered ineligible, and may be barred by the Company from participation in
  the Plan, (i) if he refuses to cooperate with any requirement which the
  Committee or Plan Administrator may reasonably impose; or (ii) if the Company
  chooses, in its discretion, to purchase one or more life insurance policies
  on the life of the individual in connection with its obligations under this
  plan, and the individual fails to submit a complete and accurate application
  in connection with the acquisition of the policy(ies), or fails to submit to
  any physical examination that the insurer may require, or fails to provide
  any other information that the insurer or Plan Administrator may reasonably
  request or to comply with any other requirement which the insurer may
  reasonably impose.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.2</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Commencement
  of Participation</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Each
  Eligible Employee shall first become a Participant as of the initial pay
  period for the first Plan Year following the date upon which he is first
  determined by the Committee to be an Eligible Employee.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE III<BR>
ESTABLISHMENT OF ACCOUNTS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.1</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Plan
  Administrator will establish and maintain separate memorandum Accounts for
  each Participant, for bookkeeping purpose only, which will be used to measure
  the amount of the Company&#146;s liability to each Participant and Beneficiary
  under this Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.2</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Credits and
  Debits to Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Plan
  Administrator will, as often and as soon as may be reasonable and
  practicable, make such adjustments to the Accounts, by credit (addition) or
  debit (reduction), as may be necessary and/or appropriate to reflect:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">a
  Participant&#146;s Elective Deferrals,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">any Company
  Contributions,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">any accrued
  interest (if Company contributions are deemed to be invested at interest),
  and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">any income
  and/or expense, and any gain or loss (i.e., increase or decrease, whether
  realized or unrealized), associated with any other investment(s) in which the
  contributions are deemed be invested, so that the balance of any portion of
  the Account that is deemed to be invested will be adjusted in the same manner
  and amount that it would have been adjusted had the Account investment actually
  been made (i.e., so as to reflect the net amount invested, and any changes in
  the investment&#146;s market or net asset value).</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE IV<BR>
CONTRIBUTIONS AND BENEFITS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.1</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Participants
  (or their Beneficiaries) will be entitled to benefits from this Plan upon the
  Participant&#146;s Termination of Employment.&#160;
  Benefits will be based upon the value of a Participant&#146;s Account,
  which will reflect credits for (i) hypothetical &#147;contributions&#148; made by the
  Company in an amount equal to a Participant&#146;s Elective Deferrals, (ii)
  hypothetical&#160; contributions made by
  the Company in amounts as described in section 4.3, and (iii)&#160; additional credits (or debits) for the
  hypothetical investment performance of those&#160;
  contributions, as hereinafter described.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Elective
  Deferrals</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant may file a written election with the Company (on a form approved
  by the Company) to defer receipt of any Compensation which the Participant
  would otherwise be entitled to receive from the Company.&#160; Except as otherwise provided herein, the
  Participant&#146;s election to defer payment of his Compensation must be made at
  least thirty (30) days before the beginning of the calendar year for which
  the Compensation is payable.&#160; If the Participant
  elects to defer any Compensation under this Section 4.2,&#160; the election may not be revoked during the
  calendar year in which it was intended to be applicable; however, the
  Participant may revoke and/or re-elect for Compensation that may be earned
  subsequent calendar years.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.3</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Company
  Contributions</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial
  Contribution</U>.&#160;&#160; On or before
  December 31, 2004, the Company will credit to the account of each Participant
  who was employed by the Company on January 1, 2004, a sum equal to the
  aggregate amount that the Company would have contributed to such
  Participant&#146;s SEP during the period from January 1 to December 31, 2003 if
  the Company&#146;s contributions to the SEP had not been limited by Code section
  415(c).&#160;&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
  Contributions</U>.&#160;&#160; On or before
  December 31 of each calendar year beginning on or after January 1, 2004, the
  Company will credit to the account of each Participant a sum equal to the
  amount that the Company would have contributed to such Participant&#146;s SEP
  during such calendar year if the Company&#146;s contributions to the SEP for such
  calendar year had not been limited by Code section 415(c).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.4</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Crediting
  Elective Contributions to Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Elective
  Deferrals will be credited to a Participant&#146;s Account within ten (10) days
  after the end of the month to which the Elective Deferrals relates. No amount
  shall actually be set aside for payment under this Agreement, and the
  existence of the Account shall not create and shall not be deemed to create a
  trust of any kind, or fiduciary relationship between the Company and the
  Participant or his Beneficiary.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.5</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Taxation</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amounts
  credited to a Participant&#146;s Account under this Plan are subject to rules of
  taxation (including employment taxes) as may be applicable from time to time.&#160; Any taxes owing in a year will be deducted
  from a Participant&#146;s Compensation pursuant to rules established by the
  Committee.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.6</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Investment
  Funds</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Investment
  Funds Offered under Plan</U>.&#160; The Company, in conjunction with the advice and recommendations
  of its investment advisors, shall designate one or more investments to be
  offered under the Plan, and shall provide the Participant a list of the
  mutual funds, stocks, bonds securities or other assets into which the
  Participant&#146;s Account may be deemed invested.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Change in
  Investment Funds Offered under Plan</U>.&#160; In its sole discretion, the Company may
  from time to time, upon advice and recommendations by its investment
  advisors,&#160; designate other investment
  funds in addition to or in lieu of the investment funds then being offered
  under the Plan.&#160; Any such change in
  the investment funds offered under the Plan may be made without amending the
  Plan.&#160;&#160; Any addition or deletion of a
  designated investment fund shall be communicated to the Participant.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Participant&#146;s
  Choice of Funds</U>.&#160;
  The Participant&#146;s choice of the investment funds into which an Account
  is deemed to be invested shall be the sole responsibility of the Participant.
  At the time an individual becomes a Participant (or within a short period of
  time thereafter), he may make an initial election regarding such deemed
  investment funds by submitting a completed investment election form to the
  Plan Administrator (in such documents as the Plan Administrator may
  designate). </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Revised
  Participant&#146;s Elections Regarding Investment Funds.</U>&#160; The Participant may elect to change the
  investment funds into which his Account is deemed to be invested by
  completing a new investment election form.&#160;
  On such form, the Participant may designate the investment funds into
  which future Elective Deferrals and Company Contributions will be deemed to
  be invested and may change the investment funds into which prior Elective
  Deferrals and Company Contributions are deemed to be invested.&#160; Such changes shall become effective as
  soon as administratively feasible following the date the investment election
  form is completed and submitted to the Plan Administrator. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(e)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Default
  Provision</U>.&#160;
  In the event the Participant fails to provide instructions on the investment
  of his Account, the Participant&#146;s Account shall be deemed invested in a money
  market or similar type fund until further instructions are received from the
  Participant.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(f)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Investment
  Performance Not Guaranteed</U>. The Participant shall
  assume all risks that the investments attributable to his Account may
  decrease in value when invested in accordance with his investment
  instructions made pursuant to this Section 4.5. Notwithstanding any other
  provision of this Plan to the contrary, the Company shall not be liable to
  the Participant for any decrease in the value of investments attributable to
  the Participant&#146;s Account resulting from his investment selections,
  including, but not be limited to, market value fluctuations, administrative
  fees, sales commissions, and withdrawal or surrender penalties/charges.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.7</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Company
  Investments</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Any
  investment the Company may actually make in connection with Section 4.5 of
  the Plan shall at all times remain part of the general assets of the Company,
  within the Company&#146;s control and available for any Company purpose, subject
  to the provisions of any Rabbi Trust to which any actual investment is
  transferred; and the rights of Participants and their Beneficiaries will
  remain those of unsecured general creditors of the Company.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE V<BR>
BENEFIT EVENTS</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.1</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Benefits
  Following Termination of Employment</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Upon a
  Participant&#146;s Termination of Employment, the Company will pay benefits to the
  Participant in the amount and manner described in Article VI.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.2</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Death
  Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Prior to his
  death, a Participant shall have the right to designate one or more
  Beneficiary for the amount payable under this Section 5.2.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the
  Participant&#146;s Termination of Employment occurs as a result of such Participant&#146;s
  death, the Participant&#146;s Account will be paid to the Participant&#146;s named
  Beneficiary(ies) in a lump sum as described in Section 6.3. Payment will
  occur as soon as may be practicable under procedures established by the Plan
  Administrator.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Unless the
  Participant&#146;s Beneficiary designation provides to the contrary, the following
  will apply with respect to payments after the Participant&#146;s death:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(i)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the
  primary Beneficiary survives the Participant but dies before distribution of
  the amount credited to such Participant&#146;s Account, such amount will be paid
  to the Beneficiary&#146;s estate.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(ii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the
  primary Beneficiary does not survive the Participant, payment will be made to
  a contingent Beneficiary or, if none is named or none survives the
  Participant, to the Participant&#146;s estate.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.3</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Payor</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company
  may pay directly any amounts due under the Plan to a Participant or
  Beneficiary, or it may delegate responsibility for payments to a trustee or
  other third party.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE VI<BR>
VALUATION AND DISTRIBUTION OF ACCOUNTS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.1</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Valuation of
  Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant&#146;s Account shall be valued as of each Valuation Date under
  procedures established by the Plan Administrator.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Commencement of Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits
  will be paid after the Participant&#146;s Benefit Commencement Date, which shall
  be determined in accordance with the terms of Article V.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.3</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Form and
  Amount of Payment</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant will receive a full lump sum payable on or within thirty days
  after the Participant&#146;s Benefit Commencement Date, equal to the Account
  balance as of the Valuation Date immediately preceding the Benefit
  Commencement Date</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.4</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Deferral of
  Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant will have one opportunity to postpone the commencement of his benefits
  for his Account, as follows: At least twelve (12) months prior to the date on
  which distribution would otherwise commence (or, in the sole discretion of
  the Plan Administrator, on a date not less than six (6) months prior to that
  date, but not later than the last day of the year preceding the year in which
  distribution would otherwise commence), the Participant may elect to
  postpone, but not accelerate, his Benefit Commencement Date to a later
  specified date which may not be earlier than two years after his Termination
  of Employment.&#160; Any election which is
  determined, considering the date upon which the Participant terminates or is
  deemed to have terminated under Article V, to have been made too late, and
  not in accordance with this Section 6.4, will be void and without effect.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE VII<BR>
ADMINISTRATION AND CLAIMS PROCEDURE</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.1</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Administration</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Plan
  shall be administered by the Board, which shall have the authority, duty and
  power to interpret and construe the provisions of the Plan as the Board deems
  appropriate including the authority to determine eligibility for benefits
  under the Plan. The Board shall have the duty and responsibility of
  maintaining records, making the requisite calculations and disbursing the
  payments hereunder. The interpretations, determinations, regulations and
  calculations of the Board shall be final and binding on all persons and
  parties concerned. Any benefits payable under this Plan will be paid only if
  the Plan Administrator decides in its discretion that the applicant is
  entitled to them.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Expenses;
  Reliance on Third-Parties</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Expenses of
  administration shall be paid by the Company. The Board shall be entitled to
  rely on all tables, valuations, certificates, opinions, data and reports
  furnished by any actuary, accountant, controller, counsel or other person
  employed or retained by the Company with respect to the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.3</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Annual
  Statements</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Board
  shall furnish individual annual statements of accrued benefits to each
  Participant, or Beneficiary, in such form as determined by the Board. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.4</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Appointment
  of a Conservator</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company
  may from time to time establish rules and procedures which it determines to
  be necessary for the proper administration of the Plan and the benefits payable
  to an individual in the event that individual is declared incompetent and a
  conservator or other person legally charged with that individual&#146;s care is
  appointed. Except as otherwise provided herein, when the Company determines
  that such individual is unable to manage his or her financial affairs, the
  Company may pay such individual&#146;s benefits to such conservator, person
  legally charged with such individual&#146;s care, or institution then contributing
  toward or providing for the care and maintenance of such individual. Any such
  payment shall constitute a complete discharge of any liability of the Company
  and the Plan for such individual.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.5</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Limitation
  of Liability</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Notwithstanding
  any provision herein to the contrary, neither the Company nor any individual
  acting as an employee or agent of the Company shall be liable to any
  Participant, former Participant, designated Beneficiary, or any other person
  for any claim, loss, liability or expense incurred in connection with the
  Plan, unless attributable to fraud or willful misconduct on the part of the
  Company or any such employee or agent of the Company.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.6</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Claims for
  Benefits.</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">All claims
  for benefits shall be handled through the following procedure:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Claim</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A person who
  believes that he is being denied a benefit to which he is entitled under the
  Plan (hereinafter referred to as a &#147;Claimant&#148;) may file a written request for
  such benefit with the Company, setting forth his claim.&#160; The request must be addressed to the Plan
  Administrator at the Company&#146;s&#160; then
  principal place of business.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Claim
  Decision</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Upon receipt
  of a claim, the Plan Administrator shall advise the Claimant that a reply
  will be forthcoming within ninety (90) days and shall, in fact, deliver such
  reply within such period.&#160; The Plan
  Administrator may, however, extend the reply period for an additional ninety
  (90) days for reasonable cause.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the claim
  is denied in whole or in part, the Plan Administrator shall adopt a written
  opinion, using language calculated to be understood by the Claimant, setting
  forth:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(i)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The specific
  reason or reasons for such denial;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(ii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The specific
  reference to pertinent provisions of this Agreement on which such denial is
  based;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  description of any additional material or information necessary for the
  Claimant to perfect his claim and an explanation why such material or such
  information is necessary;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iv)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Appropriate
  information as to the steps to be taken if the Claimant wishes to submit the
  claim for review; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(v)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The time
  limits for requesting a review under Section 7.6(c) and for review under
  Section 7.6(d).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Request for
  Review</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Within sixty
  (60) days after the receipt by the Claimant of the written opinion described
  above, the Claimant may request in writing that the Assistant Secretary of
  the Company review the determination of the Company.&#160; Such request must be addressed to the
  Assistant Secretary of the Company, at its then principal place of
  business.&#160; The Claimant or his duly
  authorized representative may, but need not, review the pertinent documents
  and submit issues and comments in writing for consideration by the
  Company.&#160; If the Claimant does not
  request a review of the Company&#146;s determination by the Assistant Secretary of
  the Company within such sixty (60) day period, he shall be barred and
  estopped from challenging the Company&#146;s determination.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Review of
  Decision</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Within sixty
  (60) days after the Assistant Secretary&#146;s receipt of a request for review, he
  will review the Company&#146;s determination.&#160;
  After considering all materials presented by the Claimant, the
  Assistant Secretary will render a written opinion, written in a manner
  calculated to be understood by the Claimant, setting forth the specific
  reasons for the decision and containing specific references to the pertinent
  provisions of this Agreement on which the decision is based.&#160; If special circumstances require that the
  sixty (60) day time period be extended, the Assistant Secretary will so
  notify the Claimant and will render the decision as soon as possible, but no
  later than one hundred twenty (120) days after receipt of the request for
  review.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">13</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE VIII<BR>
FUNDING</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.1</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>In General</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">This Plan is
  unfunded.&#160; The rights of a Participant
  or Beneficiary are those of an unsecured general creditor of the
  Company.&#160; In general, benefits will be
  paid by the Company from its general assets when due.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company,
  in its sole discretion, shall decide whether or not to underwrite its
  obligations under the Plan by actually investing amounts equal to the Company
  contributions in any investment vehicle.&#160;
  If the Company decides to invest its contributions, no Participant or
  Beneficiary will have any interest in those actual investments, even if those
  actual investments correspond to the Plan&#146;s hypothetical investments, and
  even if the amounts invested correspond to the amounts of the Company&#146;s
  hypothetical Plan contributions.&#160; Any
  investment the Company makes in connection with the Plan shall at all times
  remain part of the general assets of the Company, subject to the provisions
  of any Rabbi Trust to which any actual investment is transferred; and the
  rights of Participants and their Beneficiaries will remain those of unsecured
  general creditors of the company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Participants
  and their Beneficiaries, heirs, successors, and assigns shall have no legal
  or equitable rights, claims, or interests in any specific property or assets
  of the Company, including any investments actually acquired in connection
  with the Company&#146;s obligations under the Plan, except as may be provided for
  in a Rabbi Trust which the Company may choose to establish, as provided for
  in Section 8.2.&#160; No life insurance
  policy(ies) or other asset(s) of the Company shall be held by the Company, or
  by any other person or entity, in a fiduciary capacity, under any trust
  expressed or implied, for the benefit of Participants, their Beneficiaries,
  heirs, successors, or assigns (other than under a Rabbi Trust), or shall be
  held as collateral security for the fulfillment of the obligations of the
  Company under this Plan.&#160; Any and all
  of the Company&#146;s assets, including such Policies, shall be, and remain, the
  general, unpledged, unrestricted assets of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Whether or
  not the Company sets aside assets in a Rabbi Trust in connection with this
  Plan, the Company&#146;s obligation under the Plan shall be merely that of an
  unfunded and unsecured promise of the Company to pay money in the future.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Rabbi Trust</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company
  may transfer cash, life insurance policies or any other assets to a Rabbi
  Trust which it may establish in connection with the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In that
  event, Plan benefits may be paid, in the absolute discretion of the Company,
  from the Company&#146;s other general assets, or from assets held in the Rabbi
  Trust.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In the event
  that assets are placed in a Rabbi Trust, those assets shall remain available
  to general creditors of the Company in the event of its insolvency.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE IX<BR>
AMENDMENT, TERMINATION AND CHANGE OF CONTROL</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.1</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Amendment or
  Termination</U>.&#160;
  The Company reserves the right to amend, modify, suspend or terminate
  this Plan in whole or in part at anytime by action of its Board.&#160; No amendment shall reduce the Account
  credited to a Participant under this Plan as of the amendment date, except to
  the extent that the Participant agrees in writing to such a reduction.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Change of
  Control</U>.&#160;
  Following a Change of Control (as that term is defined in the
  Employment Agreement), the Plan shall be continued by the surviving entity,
  and the participant&#146;s rights under this Plan shall not be impaired without
  the consent of the Participant.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE X<BR>
GENERAL PROVISIONS</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.1</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Payment to
  Minors and Incompetents</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If any
  Participant or Beneficiary entitled to receive any benefits hereunder is a
  minor or is deemed by the Plan Administrator, or adjudged to be, legally
  incapable of giving valid receipt and discharge for benefits received,
  benefits will be paid to such person or institution as the Plan Administrator
  may designate or to the duly appointed guardian of the Participant or
  Beneficiary, as the case may be.&#160; Any
  payment so made shall be deemed to be in complete discharge of the
  Participant or Beneficiary&#146;s right to such payment under the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.2</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>No Contract</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">This Plan
  shall not be deemed to create a contract of employment with any Participant,
  nor shall any provision of the Plan alter in any way the rights and
  responsibilities of the Company or any Participant under any employment agreement
  entered into by the Company and a Participant.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.3</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Use of
  Masculine and Feminine; Singular and Plural</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Wherever
  used in this Plan, the masculine gender will include the feminine gender and
  the singular will include the plural, unless the context indicates otherwise.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.4</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Non-Alienation
  of Benefits</U>.&#160;
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">No amount
  payable to, or held under the Plan for the account of, any Participant or
  Beneficiary shall be subject in any manner to alienation, sale, transfer,
  assignment, pledge, encumbrance, or charge, and any attempt to so anticipate,
  alienate, sell, transfer, assign, pledge, encumber, or charge the same shall
  be void.&#160; Nor shall any amount payable
  to, or held under the Plan for the account of, any Participant or Beneficiary
  be in any manner liable for his debts, contracts, liabilities, engagements,
  or torts, or be subject to any legal process to levy upon or attach.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.5</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Protective
  Provisions</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Each
  Participant shall cooperate with the Company by furnishing any and all information
  requested by the Company in order to facilitate the payment of benefits
  hereunder, taking such physical examination as the Insurer may require and
  such other relevant action as may be requested by the Plan Administrator.&#160; If a Participant refuses to cooperate with
  any requirements reasonably imposed, the Company shall have no further
  obligation to the Participant under the Plan, other than payment to the
  Participant of the cumulative amounts previously deferred by the Participant
  under the Plan.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.6</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Governing
  Law</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The
  provisions of the Plan shall be interpreted, construed, and administered in
  accordance with the laws of the of the State of North Carolina, except to the
  extent federal law (including, but not limited to, ERISA) applies. ERISA will
  govern all issues and matters relating to the Plan and shall preempt all
  state laws relating to the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.7</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Captions</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The captions
  contained in the Plan are inserted only as a matter of convenience and for
  reference and in no way define, limit, enlarge, or describe the scope or
  intent of the Plan nor in any way affect the construction of any provision of
  the Plan.</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED</B>
this _____________ day of ________________, 2004 by the Company&#146;s duly
empowered officer.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS TITLE INSURANCE COMPANY</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>ATTEST</B>:</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="33%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Signature</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Title</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="45%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="46%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="48%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>

  <TD WIDTH=56></TD>
  <TD WIDTH=257></TD>
  <TD WIDTH=40></TD>
  <TD WIDTH=29></TD>
  <TD WIDTH=1></TD>
  <TD WIDTH=338></TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P>

<HR SIZE=5 NOSHADE>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>d60373_ex10xiii.htm
<DESCRIPTION>EXHIBIT 10(XIII)
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>
<DIV STYLE="WIDTH:600">

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit
10(xiii)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS
TITLE INSURANCE COMPANY</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>NONQUALIFIED
SUPPLEMENTAL RETIREMENT BENEFIT PLAN</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Effective
November 17, 2003</B></FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Page</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
  <TR>
  <TD WIDTH="18%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">PREAMBLE</FONT></P>
  </TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="15%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE I</FONT></P></TD>
  <TD WIDTH="77%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.1</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Account&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.2</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Base Salary&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.3</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Beneficiary&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.4</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Benefit
  Commencement Date&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.5</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Board&#148; or
  &#147;Board of Directors&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.6</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Bonus
  Compensation&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.7</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Cause&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.8</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Code&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.9</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Committee&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.10</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Company&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.11</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Effective
  Date&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.12</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Eligible Employee&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.13</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Employment
  Agreement&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.14</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Employment
  Period&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.15</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Participant&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.16</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Plan&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.17</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Plan
  Administrator&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.18</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Plan Year&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.19</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Rabbi
  Trust&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.20</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Schedule&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.21</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Termination
  of Employment&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.22</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;Valuation
  Date&#148;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE II</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARTICIPATION</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.1</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Eligible
  Class</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.2</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commencement
  of Participation</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;III</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESTABLISHMENT
  OF ACCOUNTS</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.1</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Accounts</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.2</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Credits and
  Debits to Accounts</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;IV</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTRIBUTIONS
  AND BENEFITS</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.1</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.2</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Contributions</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.3</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Changes in
  Base Salary and/or Base Compensation</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.4</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Crediting of
  Contributions</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.5</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Taxation</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.6</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Deemed
  Investment of Contributions</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.7</FONT></P></TD>
  <TD WIDTH="81%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Company
  Investments</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">i</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>TABLE OF CONTENTS<BR></B>(continued)</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Page</B></FONT></P>
  </TD>
 </TR>
  <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="18%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;V</FONT></P>
  </TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BENEFIT
  EVENTS</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.1</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits
  Following Retirement and Certain Other Events</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.2</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits&#160; Upon Disability</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.3</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Death
  Benefits</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.4</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Termination
  For Cause</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.5</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payor</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;VI</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUATION
  AND DISTRIBUTION OF ACCOUNTS</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.1</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Valuation of
  Accounts</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.2</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Commencement
  of Benefits</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.3</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Form and
  Amount of Payment Options</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.4</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Election of
  Payment Options and Deferral of Benefits</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;VII</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION
  AND CLAIMS PROCEDURE</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.1</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Administration</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.2</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Expenses;
  Reliance on Third Parties</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.3</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Annual
  Statements</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.4</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Appointment
  of a Conservator</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.5</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Limitation
  of Liability</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.6</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Claims for
  Benefits</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">13</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;VIII</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUNDING</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.1</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In General</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.2</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Rabbi Trust</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;IX</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT,
  TERMINATION AND CHANGE OF CONTROL</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.1</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amendment or
  Termination</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.2</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Change of
  Control</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ARTICLE&nbsp;X</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL
  PROVISIONS</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.1</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Payment to
  Minors and Incompetents</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.2</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">No Contract</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.3</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Use of
  Masculine and Feminine; Singular and Plural</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.4</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Non-Alienation
  of Benefits</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.5</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Protective
  Provisions</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.6</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Governing
  Law</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.7</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Captions</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">18</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ii</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>PREAMBLE</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Effective November 17, 2003, Investors Title Insurance Company (the
&#147;Company&#148;) hereby establishes this non-qualified deferred compensation plan
referred to as the Investors Title Insurance Company Non-qualified Supplemental
Retirement Benefit Plan (the &#147;Plan&#148;).</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The purpose of this Plan is to provide additional retirement benefits
to Eligible Employees on a non-qualified, tax-deferred basis.&#160; This Plan shall be unfunded and maintained
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees within the meaning of Sections
201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act
of 1974, as amended (&#147;ERISA&#148;).&#160; The Plan
is intended to be effective with respect to Compensation earned after October
1, 2003.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits are based upon hypothetical Company contributions credited to
Participant &#147;Accounts&#148;.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">It is intended that funds accumulated under this Plan on a
Participant&#146;s behalf will be paid to the Participant at a specified future date
determined under procedures described herein, or upon disability or Termination
of Employment.&#160; The Participant may
select a lump sum, or from among other payment options for Plan benefits. &#160;Upon the Participant&#146;s death, the
Participant&#146;s remaining Account balance, if any, will be paid to the
Participant&#146;s named Beneficiary.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Account balances resulting from employer contributions may be credited
with interest, at a rate determined by the Company, or with amounts reflecting
and corresponding to the performance (i.e., income, gains, losses, etc.) of a
designated security or index.&#160; Further,
the Company may choose to set aside assets relating to Plan obligations in a
Rabbi Trust, the corpus of which will be available to the Company&#146;s creditors
in the event of bankruptcy.&#160; However,
the Company is under no obligation to invest amounts deemed contributed to the
Plan or to set aside funds in a Rabbi Trust.&#160;
In all cases, the Company may elect to pay the benefits promised
hereunder from other general assets.&#160;
Notwithstanding the fact that the Company may set aside assets in
respect of its obligations under the Plan, the Plan is unfunded and the rights
of Participants and Beneficiaries are limited to those of general, unsecured
creditors of the Company.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1</FONT></P>


<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE I</U><BR>
<U>DEFINITIONS</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The following words and phrases when used in the Plan shall have the
following meanings, unless a different meaning is plainly required by the
context:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.1</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Account</U>&#148;
  means the bookkeeping account established for the measurement of the
  Company&#146;s accumulated liability to a Participant under the Plan.&#160; Each Participant&#146;s Account will reflect
  the undistributed balance to the credit of the Participant, representing
  accumulated Company Plan contributions, and the hypothetical investment
  earnings, gains and losses credited to the Account under the terms of the
  Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.2</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Base
  Salary</U>&#148; has the meaning given to it in Section 3 of the Employment
  Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.3</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Beneficiary</U>&#148;
  means the person, persons or trust designated by the Participant or former
  Participant to receive benefits under the Plan in the event of the
  Participant&#146;s death prior to the full distribution of his Account.&#160; A Participant shall designate his
  Beneficiary or Beneficiaries in writing under the specific procedures as
  shall be established by the Plan Administrator.&#160; A Participant may change his Beneficiaries at any time by
  delivering written instructions to the Plan Administrator.&#160; In the event a Participant dies without a
  valid designation of Beneficiary in effect, the Participant&#146;s remaining
  Account shall be payable to his spouse or, if the Participant is not married
  at the time of death, to his estate.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.4</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Benefit
  Commencement Date</U>&#148; means the date upon which the Participant&#146;s
  Termination of Employment occurs or is deemed to occur in accordance with the
  provisions of Article IV and after which the distribution of benefits to the
  Participant will commence in accordance with the provisions of Articles IV
  and V.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.5</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Board&#148;
  or &#147;Board of Directors</U>&#148; means the Board of Directors of Investors Title
  Insurance Company. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.6</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Bonus
  Compensation</U>&#148; has the meaning given to it in Section 3 of the Employment
  Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.7</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Cause</U>&#148;
  has the meaning given in Section 4 of the Employment Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.8</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Code</U>&#148;
  means the Internal Revenue Code of 1986, as amended from time to time, and
  any regulations issued thereunder.&#160;
  Reference to any section of the Code shall include any successor
  provision thereto.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.9</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Committee</U>&#148;
  means the Compensation Committee of Investors Title Company or such other
  person or persons designated by the Company to determine the eligibility of
  employees for participation in the Plan in accordance with the provisions of
  Article XI, and to provide oversight to the administration of the plan in
  accordance with Article VII.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.10</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Company</U>&#148;
  means Investors Title Insurance Company, a North Carolina corporation, and
  its successor or successors.&#160; The
  Company is a wholly-owned subsidiary of Investors Title Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.11</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Effective
  Date</U>&#148; means November 17, 2003.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.12</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Eligible
  Employee</U>&#148; means an employee of the Company who is included in the
  eligible class described in Section 2. 1, and who is listed on the Schedule.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.13</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Employment
  Agreement</U>&#148; means the agreement, as amended from time to time, entered
  into between an Eligible Employee and the Company, which contains the certain
  defined terms used herein along with the general terms and conditions of the
  Eligible Employee&#146;s employment. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.14</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Employment
  Period</U>&#148; has the meaning given to it in Section 1 of the Employment
  Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.15</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Participant</U>&#148;
  means an Eligible Employee for whom an Account is being maintained under the
  terms of the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.16</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Plan</U>&#148;
  means the Investors Title Insurance Company Non-Qualified Supplemental
  Retirement Benefit Plan as set forth in this document and as amended from
  time to time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.17</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Plan
  Administrator</U>&#148; means the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.18</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Plan
  Year</U>&#148; means each calendar year commencing January 1, 2004 and thereafter.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.19</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Rabbi
  Trust</U>&#148; means, for the purposes of this Plan, a grantor trust under
  Subpart E of Subchapter J of Chapter I of the Code established by an employer
  in connection with a nonqualified deferred compensation or supplemental
  retirement benefit plan, the assets of which may be reached by the employer
  grantor&#146;s general creditors.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.20</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Schedule</U>&#148;
  means the document which lists the Eligible Employees who are Participants in
  the Plan, as such Schedule is amended from time to time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.21</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Termination
  of Employment</U>&#148; means any severance of the employee/employer relationship
  between a Participant and the Company for <U>any</U> reason including the
  Participant&#146;s Retirement, death, Termination for Disability, Termination for
  Cause, Termination without Cause, Termination for Good Reason or&#160; termination following a Change in Control,
  as such terms are defined in the Employment Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.22</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#147;<U>Valuation
  Date</U>&#148; means the last day of each calendar quarter, and is the date on
  which Participant Account values are determined.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE II<BR>
PARTICIPATION</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.1</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Eligible
  Class</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Except as
  provided in (b) and (c) below, an individual who is employed by the Company
  is an Eligible Employee with respect to a particular Plan Year only if he is
  both (i) within a select group of management or highly compensated Employees
  within the meaning of Sections 201(2), 301 (a)(3) and 401 (a)(1) of ERISA, as
  determined by the Committee in its sole discretion, and (ii) identified by
  the Company as an Eligible Employee and listed in the Schedule A, attached
  hereto.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Each
  Eligible Employee must cooperate with the Company by furnishing any and all
  information requested by the Company in order to facilitate the payment of
  benefits hereunder.&#160; Notwithstanding
  any provision in the Plan to the contrary, an individual who would otherwise
  be eligible to receive benefits under the Plan shall nevertheless be
  considered ineligible, and may be barred by the Company from participation in
  the Plan, (i) if he refuses to cooperate with any requirement which the
  Committee or Plan Administrator may reasonably impose; or (ii) if the Company
  chooses, in its discretion, to purchase one or more life insurance policies
  on the life of the individual in connection with its obligations under this
  plan, and the individual fails to submit a complete and accurate application
  in connection with the acquisition of the policy(ies), or fails to submit to
  any physical examination that the insurer may require, or fails to provide
  any other information that the insurer or Plan Administrator may reasonably
  request or to comply with any other requirement which the insurer may
  reasonably impose.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.2</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Commencement
  of Participation</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Each
  Eligible Employee shall first become a Participant as of the initial pay
  period for the first Plan Year following the date upon which he is first
  determined by the Committee to be an Eligible Employee.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE III<BR>
ESTABLISHMENT OF ACCOUNTS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.1</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Plan
  Administrator will establish and maintain separate memorandum Accounts for
  each Participant, for bookkeeping purpose only, which will be used to measure
  the amount of the Company&#146;s liability to each Participant and Beneficiary
  under this Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.2</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Credits and
  Debits to Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Plan
  Administrator will, as often and as soon as may be reasonable and
  practicable, make such adjustments to the Accounts, by credit (addition) or
  debit (reduction), as may be necessary and/or appropriate to reflect:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Company
  contributions,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">any accrued
  interest (if Company contributions are deemed to be invested at interest),
  and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">any income
  and/or expense, and any gain or loss (i.e., increase or decrease, whether
  realized or unrealized), associated with any other investment(s) in which the
  contributions are deemed be invested, so that the balance of any portion of
  the Account that is deemed to be invested will be adjusted in the same manner
  and amount that it would have been adjusted had the Account investment
  actually been made (i.e., so as to reflect the net amount invested, and any
  changes in the investment&#146;s market or net asset value).</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE IV<BR>
CONTRIBUTIONS AND BENEFITS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.1</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Participants
  (or their Beneficiaries) will be entitled to benefits from this Plan upon the
  Participant&#146;s Termination of Employment for any reason. Benefits will be
  based upon the value of a Participant&#146;s Account, which will reflect credits
  for hypothetical &#147;contributions&#148; made by the Company, as well as additional
  credits (or debits) for the hypothetical investment performance of those Plan
  contributions, as hereinafter described.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.2</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Contributions</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For each
  calendar quarter during the Employment Period, the Company shall make a
  contribution on the Participant&#146;s behalf to the Plan in an amount equal to
  twenty-two percent (22%) of the Participant&#146;s Base Salary and Bonus
  Compensation paid during such calendar quarter.&#160; Notwithstanding the foregoing, however, if the Participant has
  a Termination of Employment before the Company has contributed said amount
  for twenty (20) calendar quarters, then in such event the Company shall make
  a lump sum contribution to the Plan equal to the number of calendar quarters
  less than twenty (20), using as a base for determining such amount twenty two
  percent (22%) of the Participant&#146;s Base Salary and Bonus Compensation for the
  twelve (12) months preceding the Termination of Employment. After the Company
  has contributed to the Plan an amount equal to twenty-two percent (22%) of
  the Participant&#146;s Base Salary and Bonus Compensation paid during the calendar
  quarter for twenty (20) calendar quarters, the Company, in its sole
  discretion, may determine the amount, if any, contributed for subsequent
  calendar quarters during the Employment Period. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.3</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Changes in
  Base Salary and/or Base Compensation</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The rate of
  Company contribution shall continue in effect for the Employment Period to
  which it applies, notwithstanding any change in the Participant&#146;s Base Salary
  and Bonus Compensation which may occur during such year.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.4</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Crediting of
  Contributions</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Company
  contributions to the Plan will be credited to a Participant&#146;s Account within
  ten (10) days after the end of the calendar quarter to which the contribution
  relates.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.5</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Taxation</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Amounts
  credited to a Participant&#146;s account under this Plan are subject to rules of
  taxation (including employment taxes) as may be applicable from time to
  time.&#160; Any taxes owing in a year will
  be deducted from a Participant&#146;s Base Salary and/or Bonus Compensation pursuant
  to rules established by the Committee.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.6</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Deemed
  Investment of Contributions</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Solely for
  the purpose of measuring the Company&#146;s liability to a Participant under the
  Plan, Company contributions credited to Participant Accounts will be deemed invested
  as the Participant/Committee shall from time to time determine.&#160; Credits to Participant Accounts for
  hypothetical investment performance will, if amounts are deemed invested at
  interest, be based upon a rate of interest determined by the Board from time
  to time.&#160; Otherwise, such credits (or
  debits) will be based upon the performance of a security, index or other
  investment (or upon any other method) determined by the Committee and
  specified in an Appendix to this Plan, which will be amended, as appropriate,
  to reflect any change in the investment made by the Committee.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.7</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Company
  Investments</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company,
  in its sole discretion, shall decide whether or not to underwrite its
  obligations under the Plan by actually investing its hypothetical contributions.&#160; If the Company decides to invest any
  amounts, Plan Participants and Beneficiaries shall have no interest (other
  than those of unsecured general creditors) in such actual investments even if
  they correspond to the securities, index or other hypothetical investments
  used for the measurement of Plan benefits.&#160;
  Any investment the Company may actually make in connection with the
  Plan shall at all times remain part of the general assets of the Company,
  within the Company&#146;s control and available for any Company purpose, subject
  to the provisions of any Rabbi Trust to which any actual investment is
  transferred; and the rights of Participants and their Beneficiaries will
  remain those of unsecured general creditors of the Company.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE V<BR>
BENEFIT EVENTS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.1</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Benefits
  Following Retirement and Certain Other Events</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Upon a
  Participant&#146;s Termination of Employment for any reason other than as a result
  of such Participant&#146;s Termination for Disability (as that term is defined in
  the Employment Agreement) or death, the Company will pay benefits to the
  Participant (or his Beneficiary) in the amount and manner described in
  Article VI.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.2</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Benefits
  Following a Termination for Disability</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In the event
  that a Participant&#146;s Termination of Employment is the result of such&#160; Participant&#146;s Termination for Disability
  (as that term is defined in the Employment Agreement), such Participant&#146;s
  Termination of Employment will be deemed to have occurred on the date specified
  by the Board and the Company will pay benefits to the Participant (or his
  Beneficiary) in the amount and manner as described in Article VI.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">For the
  purpose of this Article, a Participant who is disabled and absent from
  employment with the Company due to that disability will be considered to be
  employed in the active, full-time service of the Company for as long as he
  remains disabled.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.3</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Death
  Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Prior to his
  death, a Participant shall have the right to designate a beneficiary or
  beneficiaries for the amount payable under this Section 5.3, and to select a
  separate payment option for benefits commencing upon death, upon a form
  approved by the Plan Administrator.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the
  Participant&#146;s Termination of Employment occurs as a result of such
  Participant&#146;s death, the Participant&#146;s Account will be paid to the
  Participant&#146;s named beneficiary(ies) according to a form of payment option
  described in Section 6.3 (or otherwise permitted by the Plan Administrator)
  and elected by the Participant separately for this post-death benefit
  distribution.&#160; Payment of these
  amounts will commence as soon as may be practicable under procedures
  established by the Plan Administrator.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If a
  Participant dies after his Benefit Commencement Date but prior to receiving a
  distribution of his entire Account, and the Participant had not elected a
  single life annuity option for his retirement benefit, the balance remaining
  in his Account (or, in the event that the Participant elected an annuity
  payable over the life of Participant and spouse, the survivor annuity) will
  be paid to the Participant&#146;s named beneficiary(ies) (or surviving annuitant)
  according to the Participant&#146;s election for retirement benefits, for the
  remainder of the period over which the retirement benefits were to be paid.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Unless the
  Participant&#146;s beneficiary designation provides to the contrary, the following
  will apply with respect to payments after the Participant&#146;s death:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(i)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the
  primary beneficiary survives the Participant but dies before all amounts due
  to the beneficiary under the Plan are paid out, the present value of any
  payments due after the death of the primary beneficiary will be paid to the
  beneficiary&#146;s estate in a lump sum.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(ii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the
  primary beneficiary does not survive the Participant, any payments due after
  the death of the Participant will be paid to the contingent beneficiary or,
  if none is named or none survives the Participant, the present value of all
  amounts not yet paid to the Participant will be paid to the Participant&#146;s
  estate in a lump sum.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In the case
  of installment payments other than an annuity, the present value of amounts
  not yet paid will be the remaining Account Balance.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iv)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In the case
  of an annuity, the present value will be determined by the Plan Administrator
  using the mortality table set forth in Revenue Ruling 95-6, 1995-1 CB 80 and
  a reasonable interest determined by the Plan Administrator considering the
  type of annuity and prevailing market rates.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.4</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Payor</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company
  may pay directly any amounts due under the Plan to a Participant or
  Beneficiary, or it may delegate responsibility for payments to a trustee or
  other third party.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE VI<BR>
VALUATION AND DISTRIBUTION OF ACCOUNTS</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.1</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Valuation of
  Accounts</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant&#146;s Account shall be valued as of each Valuation Date under
  procedures established by the Plan Administrator.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.2</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Commencement
  of Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Benefits
  will be paid after the Participant&#146;s Benefit Commencement Date, which shall
  be determined in accordance with the terms of Article V.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.3</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Form and
  Amount of Payment Options</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant may elect the form of payment option applicable to his
  Account.&#160; Payment options available
  under the Plan are:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>Lump Sum</I>.&#160; A full lump sum payable on or within
  thirty days after the Participant&#146;s Benefit Commencement Date, equal to the
  Account balance as of the Valuation Date immediately preceding the Benefit
  Commencement Date; or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>Equal Annual Installments</I>.&#160; For Account balances of not less than
  $10,000, equal annual installments payable over five, ten, fifteen or twenty
  years, beginning on or within thirty days after the Participant&#146;s Benefit
  Commencement Date.&#160; Annual
  installments shall be equal to the Account balance on the Valuation Date
  immediately preceding first payment divided by the number of years in the
  elected installment period, plus interest to the date of each payment at such
  rate as the Board may determine from time to time (but not less than five
  percent (5%)); or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>Recalculated Annual</I>
  <I>Installments</I>.&#160; For Account balances of not less than
  $10,000, annual installments payable over five, ten, fifteen or twenty years,
  beginning on or within thirty days after the Participant&#146;s Benefit
  Commencement Date.&#160; Annual installments
  shall be, for the first payment, equal to the Account balance on the
  Valuation Date immediately preceding the first payment divided by the number
  of years in the elected installment period, and for the remaining payments,
  equal to the Account Balance on the Valuation Date immediately preceding the
  payment, divided by the remaining number of installment payments to be
  made.&#160; For the purpose of determining
  the amount of all payments following, the first payment, interest shall be
  credited to the Account Balance remaining after the first payment at such
  rate as the Board may determine from time to time (but not less than five
  percent (5%)); or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><I>Life Annuity Options</I>.&#160; For Account balances of not less than
  $10,000, equal annual installments, beginning on or within thirty days after
  the Participant&#146;s Benefit Commencement Date, payable over the life of the
  Participant, or over the lives of the Participant and spouse, with or without
  a minimum period certain, as elected by the Participant at the commencement
  of his participation in the Plan, or in a later change of form of payment
  made pursuant to Section 6.3.&#160; This
  annuity will be the actuarial equivalent of the Account balance on the
  Valuation Date immediately preceding first payment, as determined by the Plan
  Administrator using the mortality table set forth in Revenue Ruling 95-6,
  1995-1 CB 80 and a reasonable interest rate determined by the Plan
  Administrator considering the type of annuity and prevailing market rates.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">6.4</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Election of
  Payment Options and Deferral of Benefits</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Elections as
  to the manner of distribution of the Participant&#146;s Account will be made upon
  forms provided by and according to procedures established by the Plan
  Administrator. At the commencement of an Eligible Employee&#146;s participation in
  the Plan, he shall be required to make a written election indicating his form
  of payment option. This election will be binding and apply to all amounts
  held for the Participant under the Plan except as provided under (b) below.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A
  Participant will have one opportunity to postpone the commencement of his
  benefits and/or change his initial election regarding the form of payment
  option for his Account, as follows: At least twelve (12) months prior to the
  date on which distribution would otherwise commence (or, in the sole
  discretion of the Plan Administrator, on a date not less than six (6) months
  prior to that date, but not later than the last day of the year preceding the
  year in which distribution would otherwise commence), the Participant may
  elect to postpone, but not accelerate, his Benefit Commencement Date to a
  later specified date which may not be earlier than two years after his
  Termination of Employment, and/or specify a different form of payment, under
  procedures established by the Plan Administrator. Any election which is
  determined, considering the date upon which the Participant terminates or is
  deemed to have terminated under Article V, to have been made too late, and
  not in accordance with this Section 6.3(b), will be void and without effect.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">11</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE VII<BR>
ADMINISTRATION AND CLAIMS PROCEDURE</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.1</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Administration</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Plan
  shall be administered by the Board, which shall have the authority, duty and
  power to interpret and construe the provisions of the Plan as the Board deems
  appropriate including the authority to determine eligibility for benefits
  under the Plan. The Board shall have the duty and responsibility of
  maintaining records, making the requisite calculations and disbursing the
  payments hereunder. The interpretations, determinations, regulations and
  calculations of the Board shall be final and binding on all persons and
  parties concerned. Any benefits payable under this Plan will be paid only if
  the Plan Administrator decides in its discretion that the applicant is
  entitled to them.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Expenses;
  Reliance on Third Parties</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Expenses of
  administration shall be paid by the Company. The Board shall be entitled to
  rely on all tables, valuations, certificates, opinions, data and reports
  furnished by any actuary, accountant, controller, counsel or other person
  employed or retained by the Company with respect to the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.3</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Annual
  Statements</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Board
  shall furnish individual annual statements of accrued benefits to each
  Participant, or Beneficiary, in such form as determined by the Board. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.4</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Appointment
  of a Conservator</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company
  may from time to time establish rules and procedures which it determines to
  be necessary for the proper administration of the Plan and the benefits
  payable to an individual in the event that individual is declared incompetent
  and a conservator or other person legally charged with that individual&#146;s care
  is appointed. Except as otherwise provided herein, when the Company
  determines that such individual is unable to manage his or her financial
  affairs, the Company may pay such individual&#146;s benefits to such conservator,
  person legally charged with such individual&#146;s care, or institution then
  contributing toward or providing for the care and maintenance of such
  individual. Any such payment shall constitute a complete discharge of any
  liability of the Company and the Plan for such individual.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.5</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Limitation
  of Liability</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Notwithstanding
  any provision herein to the contrary, neither the Company nor any individual
  acting as an employee or agent of the Company shall be liable to any
  Participant, former Participant, designated Beneficiary, or any other person
  for any claim, loss, liability or expense incurred in connection with the
  Plan, unless attributable to fraud or willful misconduct on the part of the
  Company or any such employee or agent of the Company.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">12</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">7.6</FONT></P>
  </TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Claims for
  Benefits.</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">All claims
  for benefits shall be handled through the following procedure:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(a)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Claim.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A person who
  believes that he is being denied a benefit to which he is entitled under the
  Plan (hereinafter referred to as a &#147;Claimant&#148;) may file a written request for
  such benefit with the Company, setting forth his claim.&#160; The request must be addressed to the Plan
  Administrator at the Company&#146;s&#160; then
  principal place of business.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(b)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Claim
  Decision.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Upon receipt
  of a claim, the Plan Administrator shall advise the Claimant that a reply
  will be forthcoming within ninety (90) days and shall, in fact, deliver such
  reply within such period.&#160; The Plan
  Administrator may, however, extend the reply period for an additional ninety
  (90) days for reasonable cause.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If the claim
  is denied in whole or in part, the Plan Administrator shall adopt a written
  opinion, using language calculated to be understood by the Claimant, setting
  forth:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(i)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The specific
  reason or reasons for such denial;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(ii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The specific
  reference to pertinent provisions of this Agreement on which such denial is
  based;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iii)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">A description
  of any additional material or information necessary for the Claimant to
  perfect his claim and an explanation why such material or such information is
  necessary;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(iv)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Appropriate
  information as to the steps to be taken if the Claimant wishes to submit the
  claim for review; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(v)</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The time
  limits for requesting a review under Section 7.6(c) and for review under
  Section&nbsp;7.6(d).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(c)</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Request for
  Review.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Within sixty
  (60) days after the receipt by the Claimant of the written opinion described
  above, the Claimant may request in writing that the Assistant Secretary of
  the Company review the determination of the Company.&#160; Such request must be addressed to the
  Assistant Secretary of the Company, at its then principal place of business.&#160; The Claimant or his duly authorized
  representative may, but need not, review the pertinent documents and submit
  issues and comments in writing for consideration by the Company.&#160; If the Claimant does not request a review
  of the Company&#146;s determination by the Assistant Secretary of the Company
  within such sixty (60) day period, he shall be barred and estopped from
  challenging the Company&#146;s determination.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">13</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">(d)</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Review of
  Decision.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Within sixty
  (60) days after the Assistant Secretary&#146;s receipt of a request for review, he
  will review the Company&#146;s determination.&#160;
  After considering all materials presented by the Claimant, the
  Assistant Secretary will render a written opinion, written in a manner
  calculated to be understood by the Claimant, setting forth the specific
  reasons for the decision and containing specific references to the pertinent
  provisions of this Agreement on which the decision is based.&#160; If special circumstances require that the
  sixty (60) day time period be extended, the Assistant Secretary will so
  notify the Claimant and will render the decision as soon as possible, but no
  later than one hundred twenty (120) days after receipt of the request for
  review.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">14</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE VIII<BR>
FUNDING</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.1</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>In General</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">This Plan is
  unfunded.&#160; The rights of a Participant
  or Beneficiary are those of an unsecured general creditor of the
  Company.&#160; In general, benefits will be
  paid by the Company from its general assets when due.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company,
  in its sole discretion, shall decide whether or not to underwrite its
  obligations under the Plan by actually investing amounts equal to the Company
  contributions in any investment vehicle.&#160;
  If the Company decides to invest its contributions, no Participant or
  Beneficiary will have any interest in those actual investments, even if those
  actual investments correspond to the Plan&#146;s hypothetical investments, and
  even if the amounts invested correspond to the amounts of the Company&#146;s
  hypothetical Plan contributions.&#160; Any
  investment the Company makes in connection with the Plan shall at all times
  remain part of the general assets of the Company, subject to the provisions
  of any Rabbi Trust to which any actual investment is transferred; and the
  rights of Participants and their Beneficiaries will remain those of unsecured
  general creditors of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Participants
  and their Beneficiaries, heirs, successors, and assigns shall have no legal
  or equitable rights, claims, or interests in any specific property or assets
  of the Company, including any investments actually acquired in connection
  with the Company&#146;s obligations under the Plan, except as may be provided for
  in a Rabbi Trust which the Company may choose to establish, as provide for in
  Section 8.2.&#160; No life insurance policy(ies)
  or other asset(s) of the Company shall be held by the Company, or by any
  other person or entity, in a fiduciary capacity, under any trust expressed or
  implied, for the benefit of Participants, their Beneficiaries, heirs,
  successors, or assigns (other than under a Rabbi Trust), or shall be held as
  collateral security for the fulfillment of the obligations of the Company
  under this Plan.&#160; Any and all of the
  Company&#146;s assets, including such Policies, shall be, and remain, the general,
  unpledged, unrestricted assets of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Whether or
  not the Company sets aside assets in a Rabbi Trust in connection with this
  Plan, the Company&#146;s obligation under the Plan shall be merely that of an
  unfunded and unsecured promise of the Company to pay money in the future.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">8.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Rabbi Trust</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The Company
  may transfer cash, life insurance policies or any other assets to a Rabbi
  Trust which it may establish in connection with the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In that
  event, Plan benefits may be paid, in the absolute discretion of the Company,
  from the Company&#146;s other general assets, or from assets held in the Rabbi
  Trust.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">In the event
  that assets are placed in a Rabbi Trust, those assets shall remain available
  to general creditors of the Company in the event of its insolvency.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">15</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE IX<BR>
AMENDMENT, TERMINATION AND CHANGE OF CONTROL</U></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.1</FONT></P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Amendment or
  Termination</U>.&#160;
  The Company reserves the right to amend, modify, suspend or terminate
  this Plan in whole or in part at any time by action of its Board.&#160; No amendment shall reduce the Account
  credited to a Participant under this Plan as of the amendment date, including
  the amounts that are to be credited under Section 4.2 of this Plan, except to
  the extent that the Participant agrees in writing to such a reduction.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">9.2</FONT></P></TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Change of
  Control</U>.&#160;
  Following a Change of Control (as that term is defined in the
  Employment Agreement), the Plan shall be continued by the surviving entity,
  and the Participant&#146;s rights under this Plan shall not be impaired without
  the consent of the Participant.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">16</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>ARTICLE X<BR>
GENERAL PROVISIONS</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.1</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Payment to
  Minors and Incompetents</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">If any
  Participant or Beneficiary entitled to receive any benefits hereunder is a
  minor or is deemed by the Plan Administrator, or adjudged to be, legally
  incapable of giving valid receipt and discharge for benefits received,
  benefits will be paid to such person or institution as the Plan Administrator
  may designate or to the duly appointed guardian of the Participant or
  Beneficiary, as the case may be.&#160; Any
  payment so made shall be deemed to be in complete discharge of the
  Participant or Beneficiary&#146;s right to such payment under the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.2</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>No Contract</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">This Plan
  shall not be deemed to create a contract of employment with any Participant,
  nor shall any provision of the Plan alter in any way the rights and
  responsibilities of the Company or any Participant under such Participant&#146;s
  Employment Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.3</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Use of
  Masculine and Feminine; Singular and Plural</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Wherever
  used in this Plan, the masculine gender will include the feminine gender and
  the singular will include the plural, unless the context indicates otherwise.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.4</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Non-Alienation
  of Benefits</U>.&#160;
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">No amount
  payable to, or held under the Plan for the account of, any Participant or
  Beneficiary shall be subject in any manner to alienation, sale, transfer,
  assignment, pledge, encumbrance, or charge, and any attempt to so anticipate,
  alienate, sell, transfer, assign, pledge, encumber, or charge the same shall
  be void.&#160; Nor shall any amount payable
  to, or held under the Plan for the account of, any Participant or Beneficiary
  be in any manner liable for his debts, contracts, liabilities, engagements,
  or torts, or be subject to any legal process to levy upon or attach.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.5</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Protective
  Provisions</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Each
  Participant shall cooperate with the Company by furnishing any and all
  information requested by the Company in order to facilitate the payment of
  benefits hereunder, taking such physical examination as the Insurer may
  require and such other relevant action as may be requested by the Plan
  Administrator.&#160; If a Participant
  refuses to cooperate with any requirements reasonably imposed, the Company
  shall have no further obligation to the Participant under the Plan, other
  than payment to the Participant of the cumulative amounts previously deferred
  by the Participant under the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.6</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Governing
  Law</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The
  provisions of the Plan shall be interpreted, construed, and administered in
  accordance with the laws of the of the State of North Carolina, except to the
  extent federal law (including, but not limited to, ERISA) applies. ERISA will
  govern all issues and matters relating to the Plan and shall preempt all
  state laws relating to the Plan.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">17</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">10.7</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>Captions</U>.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The captions
  contained in the Plan are inserted only as a matter of convenience and for
  reference and in no way define, limit, enlarge, or describe the scope or
  intent of the Plan nor in any way affect the construction of any provision of
  the Plan.</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED</B>
this _____________ day of ________________, 2004 by the Company&#146;s duly
empowered officer.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>INVESTORS TITLE INSURANCE COMPANY</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>ATTEST</B>:</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="33%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Signature</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Title</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="45%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="46%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <TD WIDTH="51%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date</FONT></P></TD>
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  <TD WIDTH="43%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <HR SIZE=1 NOSHADE>


  </TD>
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  <TD WIDTH=56></TD>
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  <TD WIDTH=338></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">18</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>d60373_ex10xiv.htm
<DESCRIPTION>EXHIBIT 10(XIV)
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<BODY>
<DIV STYLE="WIDTH:600">

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit 10(xiv)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>DEATH BENEFIT PLAN AGREEMENT</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT, made and entered into this 1st day of April, 2004, by and between
Investors Title Insurance Company, a North Carolina corporation (hereinafter
referred to as the &#147;Company&#148;), and J. Allen Fine, an individual residing in the
State of North Carolina (hereinafter referred to as the &#147;Executive&#148;),</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">WITNESSETH THAT:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Executive is employed by the Company under the terms of an Employment
Agreement dated November 17, 2003, as amended from time to time (the
&#147;Employment Agreement&#148;), and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company recognizes the valuable services heretofore performed for it by the
Executive and wishes to encourage his continued employment; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Executive wishes to be assured that his irrevocably designated beneficiary
will be entitled to a certain benefit for some definite period of time from and
after the Executive&#146;s death; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties hereto wish to provide the terms and conditions upon which the
Company shall pay such benefit to the Executive&#146;s beneficiary after the
Executive&#146;s death; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties hereto intend that this Agreement be considered an unfunded
arrangement, maintained primarily to provide deferred compensation benefits for
the Executive, a member of a select group of management or highly compensated
employees of the Company, for purposes of the Employee Retirement Income
Security Act of 1974, as amended;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and of the mutual promises herein
contained, the parties hereto agree as follows:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>DEATH
  BENEFIT</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event of the death of the Executive while employed by the Company, the
  Company shall thereafter pay to the Executive&#146;s designated beneficiary within
  sixty (60) days of the death of the Executive a lump sum amount equal to:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
  amount equal to three (3) times the sum of the Executive&#146;s (i) current Base
  Salary plus (ii) average Bonus Compensation for the past three (3) years (as
  such terms are defined in the Employment Agreement), and</FONT></P></TD>
 </TR>
</TABLE>
<BR>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Executive hereby irrevocably designates The James Allen Fine Irrevocable
  Trust dated August 14, 1998 as his beneficiary hereunder.</FONT></P></TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><U>BENEFIT
  CONTINGENT ON CONTINUED EMPLOYMENT</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event that the employment of the Executive by the Company is terminated
  due to Retirement, Disability, Termination without Cause or Termination by Executive
  for Good Reason, the Employment Agreement shall govern.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event that the employment of the Executive by the Company is terminated
  due to any reason other than his death or a reason listed in Section 2(a), this
  Agreement shall terminate and the Company shall have no obligation to provide
  the Executive or his designated beneficiary with any benefits hereunder.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
  contained herein shall be construed to be a contract of employment for any
  term of years, nor as conferring upon the Executive the right to continue to
  be employed by the Company, in any capacity.&#160;
  It is expressly understood by the parties hereto that this Agreement
  relates exclusively to a death benefit for the Executive&#146;s services, and is
  not intended to alter in any way the rights and responsibilities under the
  Employment Agreement, as such may be amended from time to time. </FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NO
TRUST CREATED</U>.&#160; Nothing contained in
this Agreement, and no action taken pursuant to its provisions by either party
hereto shall create, or be construed to create, a trust of any kind, or a
fiduciary relationship between the Company and the Executive, his designated
beneficiary or any other person.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>BENEFITS
PAYABLE ONLY FROM GENERAL CORPORATE ASSETS; UNSECURED GENERAL CREDITOR STATUS
OF EXECUTIVE</U>.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  payments to the Executive&#146;s designated beneficiary hereunder shall be made
  from assets which shall continue, for all purposes, to be a part of the general,
  unrestricted assets of the Company; no such person shall have nor acquire any
  interest in any such assets by virtue of the provisions of this
  Agreement.&#160; The Company&#146;s obligation
  hereunder shall be an unfunded and unsecured promise to pay money in the
  future.&#160; To the extent that any person
  acquires a right to receive payments from the Company under the provisions
  hereof, such right shall be no greater than the right of any unsecured
  general creditor of the Company; no such person shall have nor require any
  legal or equitable right, interest or claim in or to any property or assets
  of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event that, in its discretion, the Company purchases an insurance policy
  or policies insuring the life of the Executive (or any other property) to allow
  the Company to recover, in whole, or in part, the cost of providing the
  benefits hereunder, neither the Executive nor any of his designated
  beneficiaries shall have or acquire any right whatsoever therein or in the
  proceeds therefrom.&#160; The Company shall
  be the sole owner and beneficiary of any such policy or policies, and, as
  such, shall possess and may exercise all incidents of ownership therein.&#160; No such policy, policies or other property
  shall be held in any trust for the Executive or any other person nor as
  collateral security for any obligation of the Company hereunder.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NON-ASSIGNABILITY
OF BENEFITS</U>.&#160; Neither the Executive
nor his designated beneficiary under this Agreement shall have any power or
right to transfer, assign, anticipate, hypothecate or otherwise encumber any
part or all of the amounts payable hereunder.&#160;
Such amounts shall not be subject to seizure by any creditor of any such
beneficiary, by a proceeding at law or in equity, nor transferable by operation
of law in the event of the bankruptcy, insolvency or death of the Executive,
his designated beneficiary, or any other beneficiary hereunder.&#160; Any such attempted assignment or transfer
shall be void and shall terminate this Agreement; the Company shall thereupon
have no further liability hereunder.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ADMINISTRATION,
DETERMINATION OF BENEFITS, AND CLAIMS PROCEDURE</U>.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Plan shall be administered by the Company&#146;s Board of Directors, which shall
  have the authority, duty and power to interpret and construe the provisions
  of the Plan as the Board deems appropriate including the authority to
  determine eligibility for benefits under the Plan. The Board shall have the
  duty and responsibility of maintaining records, making the requisite
  calculations and disbursing the payments hereunder. The interpretations,
  determinations, regulations and calculations of the Board shall be final and
  binding on all persons and parties concerned. Any benefits payable under this
  Plan will be paid only if the Plan Administrator decides in its discretion
  that the applicant is entitled to them.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
  of administration shall be paid by the Company. The Board shall be entitled
  to rely on all tables, valuations, certificates, opinions, data and reports
  furnished by any actuary, accountant, controller, counsel or other person
  employed or retained by the Company with respect to the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
  any provision herein to the contrary, neither the Company nor any individual
  acting as an employee or agent of the Company shall be liable to the
  Executive the Executive&#146;s designated beneficiary, the Executive&#146;s estate or
  any other person for any claim, loss, liability or expense incurred in
  connection with the Plan, unless attributable to fraud or willful misconduct
  on the part of the Company or any such employee or agent of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
  claims for benefits shall be handled through the following procedure:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claim.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  person who believes that he is being denied a benefit to which he is entitled
  under the Plan (hereinafter referred to as a &#147;Claimant&#148;) may file a written
  request for such benefit with the Company, setting forth his claim.&#160; The request must be addressed to the
  President of the Company at its then principal place of business.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claim Decision.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
  receipt of a claim, the Company shall advise the Claimant that a reply will
  be forthcoming within ninety (90) days and shall, in fact, deliver such reply
  within such period.&#160; The Company may,
  however, extend the reply period for an additional ninety (90) days for
  reasonable cause.</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=38></TD>
  <TD WIDTH=37></TD>
  <TD WIDTH=1></TD>
  <TD WIDTH=645></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
  the claim is denied in whole or in part, the Company shall adopt a written
  opinion, using language calculated to be understood by the Claimant, setting
  forth:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  specific reason or reasons for such denial;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  specific reference to pertinent provisions of this Agreement on which such
  denial is based;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  description of any additional material or information necessary for the
  Claimant to perfect his claim and an explanation why such material or such
  information is necessary;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate
  information as to the steps to be taken if the Claimant wishes to submit the
  claim for review; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  time limits for requesting a review under Section 6(e)(iii) and for review
  under Section 6(e)(iv).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Request
  for Review.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
  sixty (60) days after the receipt by the Claimant of the written opinion
  described above, the Claimant may request in writing that the Assistant
  Secretary of the Company review the determination of the Company.&#160; Such request must be addressed to the
  Assistant Secretary of the Company, at its then principal place of
  business.&#160; The Claimant or his duly
  authorized representative may, but need not, review the pertinent documents
  and submit issues and comments in writing for consideration by the Company.&#160; If the Claimant does not request a review
  of the Company&#146;s determination by the Assistant Secretary of the Company
  within such sixty (60) day period, he shall be barred and estopped from
  challenging the Company&#146;s determination.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review
  of Decision.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
  sixty (60) days after the Assistant Secretary&#146;s receipt of a request for
  review, he will review the Company&#146;s determination.&#160; After considering all materials presented by the Claimant, the
  Assistant Secretary will render a written opinion, written in a manner
  calculated to be understood by the Claimant, setting forth the specific
  reasons for the decision and containing specific references to the pertinent
  provisions of this Agreement on which the decision is based.&#160; If special circumstances require that the
  sixty (60) day time period be extended, the Assistant Secretary will so
  notify the Claimant and will render the decision as soon as possible, but no
  later than one hundred twenty (120) days after receipt of the request for
  review.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AMENDMENT
AND TERMINATION</U>.&#160; This Agreement may
not be amended, altered, modified, or terminated, except by a written
instrument signed by the parties hereto, or their respective successors or
assigns.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CHANGE
OF CONTROL</U>.&#160; Following a Change of
Control (as that term is defined in the Employment Agreement), the Plan shall
be continued by the surviving entity, and the Executive&#146;s rights under this
Agreement shall not be impaired without the consent of the Executive.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INUREMENT</U>.&#160; This Agreement shall be binding upon and
inure to the benefit of the Company and its successors and assigns, and the
Executive, his successors, heirs, executors, administrators and beneficiaries.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICES</U>.&#160; Any notice, consent or demand required or
permitted to be given under the provisions of this Agreement shall be in
writing, and shall be signed by the party giving or making the same.&#160; If such notice, consent or demand is mailed
to a party hereto, it shall be sent by United States certified mail, postage
prepaid, addressed to such party&#146;s last known address as shown on the records
of the Company.&#160; The date of such
mailing shall be deemed the date of notice, consent or demand.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U>.&#160; This Agreement, and the rights
of the parties hereunder, shall be governed by and construed in accordance with
the laws of the State of North Carolina.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties hereto have executed this Agreement, in duplicate, as of
the day and year first above written.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investors
  Title Insurance Company</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="34%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;President</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ATTEST:</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Secretary</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="60%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="39%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Executive</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=218></TD>
  <TD WIDTH=218></TD>
  <TD WIDTH=38></TD>
  <TD WIDTH=113></TD>
  <TD WIDTH=134></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>

<HR SIZE=5 NOSHADE>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>d60373_ex10xv.htm
<DESCRIPTION>EXHIBIT 10(XV)
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>
<div style="width:600">
<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit 10(xv)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>DEATH BENEFIT PLAN AGREEMENT</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT, made and entered into this 19th day of May, 2004, by and between
Investors Title Insurance Company, a North Carolina corporation (hereinafter
referred to as the &#147;Company&#148;), and James A. Fine, Jr., an individual residing
in the State of North Carolina (hereinafter referred to as the &#147;Executive&#148;),</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITNESSETH
THAT:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Executive is employed by the Company under the terms of an Employment
Agreement dated November 17, 2003, as amended from time to time (the &#147;Employment
Agreement&#148;), and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company recognizes the valuable services heretofore performed for it by the
Executive and wishes to encourage his continued employment; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Executive wishes to be assured that his irrevocably designated beneficiary
will be entitled to a certain benefit for some definite period of time from and
after the Executive&#146;s death; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties hereto wish to provide the terms and conditions upon which the
Company shall pay such benefit to the Executive&#146;s beneficiary after the
Executive&#146;s death; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties hereto intend that this Agreement be considered an unfunded
arrangement, maintained primarily to provide deferred compensation benefits for
the Executive, a member of a select group of management or highly compensated
employees of the Company, for purposes of the Employee Retirement Income
Security Act of 1974, as amended;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and of the mutual promises herein
contained, the parties hereto agree as follows:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DEATH
  BENEFIT</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event of the death of the Executive while employed by the Company, the
  Company shall thereafter pay to the Executive&#146;s designated beneficiary within
  sixty (60) days of the death of the Executive a lump sum amount equal to:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
  amount equal to three (3) times the sum of the Executive&#146;s (i) current Base
  Salary plus (ii) average Bonus Compensation for the past three (3) years (as
  such terms are defined in the Employment Agreement), and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="79%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;two
  million dollars ($2,000,000), reduced by the amount that the Executive&#146;s
  estate will receive under Section 3(d) and Section 5(b) (i), (ii), (iii) and
  (v) of the Employment Agreement, plus the amount accrued on the Company&#146;s
  books pursuant to Section 3(d) and Section 5(b) (i), (ii), (iii) and (v)&#160; of the Employment Agreement.</FONT></P></TD>
 </TR>
</TABLE>
<BR>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Executive hereby irrevocably designates The James Allen Fine, Jr. Irrevocable
  Family Trust dated April 16, 2003 as his beneficiary hereunder.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>BENEFIT
  CONTINGENT ON CONTINUED EMPLOYMENT</U>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event that the employment of the Executive by the Company is terminated
  due to Retirement, Disability, Termination without Cause or Termination by
  Executive for Good Reason, the Employment Agreement shall govern.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event that the employment of the Executive by the Company is terminated
  due to any reason other than his death or a reason listed in Section 2(a),
  this Agreement shall terminate and the Company shall have no obligation to
  provide the Executive or his designated beneficiary with any benefits hereunder.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
  contained herein shall be construed to be a contract of employment for any
  term of years, nor as conferring upon the Executive the right to continue to
  be employed by the Company, in any capacity.&#160;
  It is expressly understood by the parties hereto that this Agreement
  relates exclusively to a death benefit for the Executive&#146;s services, and is
  not intended to alter in any way the rights and responsibilities under the
  Employment Agreement, as such may be amended from time to time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NO
TRUST CREATED</U>.&#160; Nothing contained in
this Agreement, and no action taken pursuant to its provisions by either party
hereto shall create, or be construed to create, a trust of any kind, or a
fiduciary relationship between the Company and the Executive, his designated
beneficiary or any other person.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>BENEFITS
PAYABLE ONLY FROM GENERAL CORPORATE ASSETS; UNSECURED GENERAL CREDITOR STATUS
OF EXECUTIVE</U>.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  payments to the Executive&#146;s designated beneficiary hereunder shall be made
  from assets which shall continue, for all purposes, to be a part of the
  general, unrestricted assets of the Company; no such person shall have nor
  acquire any interest in any such assets by virtue of the provisions of this
  Agreement.&#160; The Company&#146;s obligation
  hereunder shall be an unfunded and unsecured promise to pay money in the
  future.&#160; To the extent that any person
  acquires a right to receive payments from the Company under the provisions
  hereof, such right shall be no greater than the right of any unsecured
  general creditor of the Company; no such person shall have nor require any
  legal or equitable right, interest or claim in or to any property or assets
  of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the event that, in its discretion, the Company purchases an insurance policy
  or policies insuring the life of the Executive (or any other property) to
  allow the Company to recover, in whole, or in part, the cost of providing the
  benefits hereunder, neither the Executive nor any of his designated
  beneficiaries shall have or acquire any right whatsoever therein or in the
  proceeds therefrom.&#160; The Company shall
  be the sole owner and beneficiary of any such policy or policies, and, as
  such, shall possess and may exercise all incidents of ownership therein.&#160; No such policy, policies or other property
  shall be held in any trust for the Executive or any other person nor as
  collateral security for any obligation of the Company hereunder.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NON-ASSIGNABILITY
OF BENEFITS.</U>&#160; Neither the Executive
nor his designated beneficiary under this Agreement shall have any power or
right to transfer, assign, anticipate, hypothecate or otherwise encumber any
part or all of the amounts payable hereunder.&#160;
Such amounts shall not be subject to seizure by any creditor of any such
beneficiary, by a proceeding at law or in equity, nor transferable by operation
of law in the event of the bankruptcy, insolvency or death of the Executive,
his designated beneficiary, or any other beneficiary hereunder.&#160; Any such attempted assignment or transfer
shall be void and shall terminate this Agreement; the Company shall thereupon
have no further liability hereunder.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ADMINISTRATION,
DETERMINATION OF BENEFITS, AND CLAIMS PROCEDURE</U>.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Plan shall be administered by the Company&#146;s Board of Directors, which shall
  have the authority, duty and power to interpret and construe the provisions
  of the Plan as the Board deems appropriate including the authority to
  determine eligibility for benefits under the Plan. The Board shall have the
  duty and responsibility of maintaining records, making the requisite
  calculations and disbursing the payments hereunder. The interpretations,
  determinations, regulations and calculations of the Board shall be final and
  binding on all persons and parties concerned. Any benefits payable under this
  Plan will be paid only if the Plan Administrator decides in its discretion
  that the applicant is entitled to them.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
  of administration shall be paid by the Company. The Board shall be entitled
  to rely on all tables, valuations, certificates, opinions, data and reports
  furnished by any actuary, accountant, controller, counsel or other person employed
  or retained by the Company with respect to the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
  any provision herein to the contrary, neither the Company nor any individual
  acting as an employee or agent of the Company shall be liable to the Executive,
  the Executive&#146;s designated beneficiary, the Executive&#146;s estate or any other
  person for any claim, loss, liability or expense incurred in connection with
  the Plan, unless attributable to fraud or willful misconduct on the part of
  the Company or any such employee or agent of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
  claims for benefits shall be handled through the following procedure:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=685 COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=39 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=646 VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claim.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=39 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=646 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH=36 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=39 VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH=646 VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  person who believes that he is being denied a benefit to which he is entitled
  under the Plan (hereinafter referred to as a &#147;Claimant&#148;) may file a written
  request for such benefit with the Company, setting forth his claim.&#160; The request must be addressed to the
  President of the Company at its then principal place of business.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Claim
  Decision.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
  receipt of a claim, the Company shall advise the Claimant that a reply will
  be forthcoming within ninety (90) days and shall, in fact, deliver such reply
  within such period.&#160; The Company may,
  however, extend the reply period for an additional ninety (90) days for
  reasonable cause.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
  the claim is denied in whole or in part, the Company shall adopt a written
  opinion, using language calculated to be understood by the Claimant, setting
  forth:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;The
  specific reason or reasons for such denial;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;The
  specific reference to pertinent provisions of this Agreement on which such
  denial is based;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;A
  description of any additional material or information necessary for the
  Claimant to perfect his claim and an explanation why such material or such
  information is necessary;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;Appropriate
  information as to the steps to be taken if the Claimant wishes to submit the
  claim for review; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;The
  time limits for requesting a review under Section 6(e)(iii) and for review
  under Section 6(e)(iv).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Request
  for Review.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
  sixty (60) days after the receipt by the Claimant of the written opinion
  described above, the Claimant may request in writing that the Assistant
  Secretary of the Company review the determination of the Company.&#160; Such request must be addressed to the
  Assistant Secretary of the Company, at its then principal place of
  business.&#160; The Claimant or his duly
  authorized representative may, but need not, review the pertinent documents
  and submit issues and comments in writing for consideration by the
  Company.&#160; If the Claimant does not request
  a review of the Company&#146;s determination by the Assistant Secretary of the
  Company within such sixty (60) day period, he shall be barred and estopped
  from challenging the Company&#146;s determination.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Review
  of Decision.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="84%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
  sixty (60) days after the Assistant Secretary&#146;s receipt of a request for
  review, he will review the Company&#146;s determination.&#160; After considering all materials presented by the Claimant, the
  Assistant Secretary will render a written opinion, written in a manner
  calculated to be understood by the Claimant, setting forth the specific
  reasons for the decision and containing specific references to the pertinent
  provisions of this Agreement on which the decision is based.&#160; If special circumstances require that the
  sixty (60) day time period be extended, the Assistant Secretary will so
  notify the Claimant and will render the decision as soon as possible, but no
  later than one hundred twenty (120) days after receipt of the request for
  review.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4</FONT></P>

<HR SIZE=5 NOSHADE>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AMENDMENT
AND TERMINATION</U>.&#160; This Agreement may
not be amended, altered, modified, or terminated, except by a written
instrument signed by the parties hereto, or their respective successors or
assigns.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CHANGE
OF CONTROL</U>.&#160; Following a Change of
Control (as that term is defined in the Employment Agreement), the Plan shall
be continued by the surviving entity, and the Executive&#146;s rights under this
Agreement shall not be impaired without the consent of the Executive.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INUREMENT</U>.&#160; This Agreement shall be binding upon and
inure to the benefit of the Company and its successors and assigns, and the
Executive, his successors, heirs, executors, administrators and beneficiaries.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICES</U>.&#160; Any notice, consent or demand required or
permitted to be given under the provisions of this Agreement shall be in
writing, and shall be signed by the party giving or making the same.&#160; If such notice, consent or demand is mailed
to a party hereto, it shall be sent by United States certified mail, postage
prepaid, addressed to such party&#146;s last known address as shown on the records
of the Company.&#160; The date of such
mailing shall be deemed the date of notice, consent or demand.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U>.&#160; This Agreement, and the rights
of the parties hereunder, shall be governed by and construed in accordance with
the laws of the State of North Carolina.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties hereto have executed this Agreement, in duplicate, as of the
day and year first above written.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Investors
  Title Insurance Company</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="49%" COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">By:</FONT></P></TD>
  <TD WIDTH="45%" COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="45%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="26%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&#160;President</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">ATTEST:</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Secretary</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="37%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="37%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="37%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Executive</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=362></TD>
  <TD WIDTH=33></TD>
  <TD WIDTH=132></TD>
  <TD WIDTH=136></TD>
  <TD WIDTH=58></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5</FONT></P>

<HR SIZE=5 NOSHADE>



</div>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>8
<FILENAME>d60373_ex31i.htm
<DESCRIPTION>EXHIBIT 31(I)
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>

<DIV STYLE='WIDTH:600'>

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit 31(i)</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Certification</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">I, J. Allen Fine, certify
that:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">1.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">I have reviewed this quarterly report on Form 10-Q
  of Investors Title Company;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Based on my knowledge, this report does not contain
  any untrue statement of a material fact or omit to state a material fact
  necessary to make the statements made, in light of the circumstances under
  which such statements were made, not misleading with respect to the period
  covered by this report; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Based on my knowledge, the financial statements, and
  other financial information included in this report, fairly present in all
  material respects the financial condition, results of operations and cash
  flows of the registrant as of, and for, the periods presented in this report;
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The registrant&#146;s other certifying officer and I are
  responsible for establishing and maintaining disclosure controls and
  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
  registrant and we have:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such
  disclosure controls and procedures, or caused such disclosure controls and
  procedures to be designed under our supervision, to ensure that material
  information relating to the registrant, including its consolidated
  subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this report is being prepared;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;{Reserved}</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the
  effectiveness of the registrant&#146;s disclosure controls and presented in this
  report our conclusions about the effectiveness of the disclosure controls and
  procedures, as of the end of the period covered by this report based on such
  evaluation; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this
  report any change in the registrant&#146;s internal control over financial
  reporting that occurred during the registrant&#146;s most recent fiscal quarter
  that has materially affected, or is reasonably likely to materially affect
  the registrant&#146;s internal control over financial reporting; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The registrant&#146;s other certifying officer and I have
  disclosed, based on our most recent evaluation of internal control over
  financial reporting, to the registrant&#146;s auditors and the audit committee of
  the registrant&#146;s board of directors (or persons performing the equivalent
  functions):</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant
  deficiencies and material weaknesses in the design or operation of internal
  control over financial reporting which are reasonably likely to adversely
  affect the registrant&#146;s ability to record, process, summarize and report
  financial information; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether
  or not material, that involves management or other employees who have a
  significant role in the registrant&#146;s internal control over financial
  reporting.</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date: August 13, 2004 </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">/s/ J. Allen Fine</FONT></DIV>
  </TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="18%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="82%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">J. Allen Fine</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Chief Executive Officer</FONT></DIV></TD>
 </TR>
</TABLE>

<BR>

<HR SIZE=5 NOSHADE>

</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>9
<FILENAME>d60373_ex31ii.htm
<DESCRIPTION>EXHIBIT 31(II)
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>
<DIV STYLE='WIDTH:600'>

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><u>Exhibit 31(ii)</u></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Certification</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">I, James A. Fine, Jr.,
certify that:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">I have reviewed this quarterly report on Form 10-Q
  of Investors Title Company;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">2.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Based on my knowledge, this report does not contain
  any untrue statement of a material fact or omit to state a material fact
  necessary to make the statements made, in light of the circumstances under
  which such statements were made, not misleading with respect to the period
  covered by this report; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">3.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Based on my knowledge, the financial statements, and
  other financial information included in this report, fairly present in all
  material respects the financial condition, results of operations and cash
  flows of the registrant as of, and for, the periods presented in this report;
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">4.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The registrant&#146;s other certifying officer and I are
  responsible for establishing and maintaining disclosure controls and
  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
  registrant and we have:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such
  disclosure controls and procedures, or caused such disclosure controls and
  procedures to be designed under our supervision, to ensure that material
  information relating to the registrant, including its consolidated
  subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this report is being prepared;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;{Reserved}</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the
  effectiveness of the registrant&#146;s disclosure controls and presented in this
  report our conclusions about the effectiveness of the disclosure controls and
  procedures, as of the end of the period covered by this report based on such
  evaluation; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this
  report any change in the registrant&#146;s internal control over financial
  reporting that occurred during the registrant&#146;s most recent fiscal quarter
  that has materially affected, or is reasonably likely to materially affect
  the registrant&#146;s internal control over financial reporting; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">5.</FONT></DIV></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">The registrant&#146;s other certifying officer and I have
  disclosed, based on our most recent evaluation of internal control over
  financial reporting, to the registrant&#146;s auditors and the audit committee of
  the registrant&#146;s board of directors (or persons performing the equivalent
  functions):</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies
  and material weaknesses in the design or operation of internal control over
  financial reporting which are reasonably likely to adversely affect the
  registrant&#146;s ability to record, process, summarize and report financial
  information; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether
  or not material, that involves management or other employees who have a
  significant role in the registrant&#146;s internal control over financial
  reporting.</FONT></P></TD>
 </TR>
</TABLE>

<BR>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Date: August 13, 2004</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">/s/ James A. Fine, Jr.</FONT></DIV></TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="80%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">James A. Fine, Jr.</FONT></DIV></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="2" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Chief Financial Officer</FONT></DIV></TD>
 </TR>
</TABLE>

<BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>10
<FILENAME>d60373_ex32.htm
<DESCRIPTION>EXHIBIT 32
<TEXT>
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<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B><U>Exhibit 32</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF"><B>Certification<BR></B><B>Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002<BR>
(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States
Code)</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of
Section 1350, Chapter 63 of Title 18, United States Code), each of the
undersigned officers of Investors Title Company, a North Carolina corporation
(the &#147;Company&#148;), does hereby certify that:</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 (the &#147;Form
10-Q&#148;) of the Company fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 and information contained in the
Form 10-Q fairly presents, in all material respects, the financial condition
and results of operations of the Company.</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Dated:&nbsp;&nbsp;August 13, 2004</FONT></DIV></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="23%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">/s/ J. Allen Fine </FONT></P></TD>
  <TD WIDTH="43%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="23%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="43%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="67%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">J. Allen Fine</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="67%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Chief Executive Officer</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="67%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="67%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <DIV STYLE="MARGIN-LEFT:10PX;TEXT-INDENT:-10PX"><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Dated:&nbsp;&nbsp;August 13, 2004</FONT></DIV></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="23%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">/s/ James A. Fine, Jr. </FONT></P></TD>
  <TD WIDTH="43%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="23%" VALIGN=BOTTOM>
  <HR SIZE=1 NOSHADE>


  </TD>
  <TD WIDTH="43%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="67%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">James A. Fine, Jr.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="67%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN, TIMES, SERIF">Chief Financial Officer</FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR SIZE=5 NOSHADE>




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